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http://www.interactivebrokers.com/en/p.php?f=ibgStrength Read down to line 6 especially.

But cherry picking does cut down on payments to the grocer. ;-)

Ah, so a T-day unfilled downside gap, no matter how strong the intraday rally, is still a "failed" T-day?

I'm afraid I haven't LF. And I'm not even sure I understand it well enough to know whether the opening rally satisfies the conditions or not.

Your mini-TL break is holding ... keep your shorts on. :eek: :)

Unless it can rally more than 10-12, or wherever the p/b channel top is, I'd say new low by EOD.

Guys bear in mind 1187 is possible today. We saw a couple 2-day drops of 100 pts back in early August. This hasn't yet retraced 50% of the big October rally.

In all honesty, to both you and tortoise, I'm not seeing THAT great a significance to 19.50. Some initial resis. there off the open yes, and then supp., but in the bigger scheme it may prove a pretty minor level today. On another note, looks like that 50% from extreme to gap level we talked...

:) Thanks. I've learned alot from some of the posters here ... still learning every day!

Possibly ... although that was an obscure stat I'll admit. Perhaps the resis. @ 19.50 off the open today was more about R10? I just like to know the probable scenarios when considering fading overnight 2nd day gaps. Pekelo deserves the credit for raising the 2nd day gap awareness.

Sorry, slow posting on this busy morning. Yes I use Excel. Basically it's just been a matter of logging the OHLC and range for ES at the end of each day, and using a coding system to mark things like unfilled gaps, 1-way trend days, and such.

I'm a nut. I compile them myself. :) EDIT: and btw, despite the stats I quoted about the 2nd day gap it sure seems like ES wants to see 1187 today (2 day drop of 100 pts), right in the 50% p/b zone of this last major up swing since 10/4. That'd also be roughly -4% from yesterday's close, in...

Today we will obviously have a major gap down for the 2nd consecutive day. One statistic I would throw out there is that in the last 5 years the largest 2nd day unfilled gap was 27 pts., and that includes the whole Lehman / BSC collapse period. So to match that number today, using the 3:15 close...

Pre-market channel low and round# 20-pt gap from Friday's pit close (confluence). I know what you're saying. The question I have to ask myself is who am I competing against (of those with the ability to move price)? Do I have a better shot against HFT bots that play for mere ticks, or JPM...

And many times those reversals reverse (as in today's 5-min bar #3), when it hasn't yet reached the value level, e.g. today @ 62.25.

Levels. Whether price reaches a certain level a couple seconds before or a couple seconds after a 5-minute marker is not going to make big money change it's view on where value is.

If we don't get to 83.25 today this would be the 3rd consecutive Friday with no gap fill, which is very rare (I think only 1x in the last 4 years).

You also have SPX 200-day right here @ 74-77. Good stones ammo ... it's not supposed to be too easy. :)

This is ridiculous. You sign up for a mortgage knowing what the payments will be, or at least knowing how they will change over time if that's the case. Property taxes, that's another story. But the OWS loonies lose any credibility they may have had as far as I'm concerned, trying to organize...

You're very welcome. Really I should've just called it a fib level (a slightly less common usage-?) from the start. :)