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Looking for 1533 again? Nice call, sir! I'm with you. S&R at 1529.50, one point from the bottom.

Okay, boss, we out of the woods on this short yet? :confused: How low do it go? We stay the trade in overnight?

Our friend Oscar (who went short in the Globex at 1528.50) just lowered his protective stop to 1532 and almost instantly got stopped out for a 3.5-point loss. This might have been the last obstacle to a nice playable decline. :eek:

Third re-test of 1533.00 failed. Now at weak congestion level at 1530.25 +/-.

I was right. It DOES look nice! :) At least I hope it's a double top, because I'm short at 1533.00. The YM looks like a nice symmetrical double top, too, although the NQ and ER don't. Whaddya think, Apex? You're heavily into symmetry, aren't you?

Forgive me for thinking alound, but wouldn't a double top at 1533 look really nice? Just trying to use the power of suggestion here... :)

Speaking of which... :) Isn't 1533 +/- .50 the magic number?

Four minutes ago: Market hardly budged.

Which is why I decided to turn on my automated scalping algorigthm until the ES decides to move out of the 1525-1530 deadband in one direction or the other. I'm thinking "up" but as you always say, "trade what you see, not what you think." (I like that!)

From my "things that make you go hmmmm" department:

Could very well be the case. Maybe we sould all just turn on our automated scalping algorithms and go sunbathing... Here come the retest of 1530...so far lookin' a bit sluggish.

Yup, as predicted...and with me not on board. :(

I'ave had a buy order in at 1526.50 for 10 minutes but just can't get filled. Too many people in line in front of me.

Gap filled. I put a buy order in at 1527.00 again, missed getting filled by one tick, and am waiting to see if I get another chance in the next few minutes. Otherwise, I'll cancel the order and go make an omelet. Looking for a re-test of 1530 and then ???

I raised my stop to 1528.75 and just got stopped out there for +1.75. The resistance at 1530.25 was surprisingly firm and Apex did the smart thing by exiting when he did. His tactical instincts are uncanny! I still think we're headed higher, but it might get exciting at the open and there...

Just looked after some (but not enough) shuteye, and we're at 1530 and I'm +3pts. I just moved my stop to break-even (to 1527). If we go up another 2 pts, I'll raise my stop again because at this point I can't be sure whether we'll bounce off the 1533 zone or penetrate it and head for 1538. If...

P.S. I went long at 1527.00 with a 1pt stop and an 11pt profit target. Regardless of whether I'm right or Oscar's right about the direction of the next price move, I sure like my risk/reward ratio better than his. :)

Finally, here's a chart showing the NYSE advance/decline ratio and advance/decline volume ratio. Both remain in extreme bullish territory, and I would expect that these would have to show a noticeable decline towards neutral (1.0) before the ES starts penetrating congestion zones to the...

Here's an ES 5x3 P&F chart that shows price action over a longer timeframe (about a year). The most recent column of green X's is the uptrend that has been in effect since May 14th. On this scale, the ES would have to decline below about 1504 to indicate a significant change in direction.

This should be interesting... At 02:37 AM EDT, Michael "Oscar" Carbone send a flash update to his followers instructing them to short ES at the market (last bid tick 1528.50), with a stop at 1536.50 (8 points) and a profit target of 1516.50 (12 points). Over the next 90 minutes, the ES...