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Good answer! :) We're having fun again, right? :D

I think a case could be made that we're just completing a right shoulder. I was tempted to go long but I think I'll stay flat until things get clearer (if they ever do). If it turns out we're going up and the H&S is a head-fake, I'd hate not to be on board when we run the stops at 1457...

Hate to say it, but I just SAR'd from long to short. :eek: EDIT: You know, this is getting downright aggravating. I guess short is better than long right now, but I've half a mind to go flat, go cook an omelet, and let this market try to make up its mind what it wants to do. And we were...

I was thinking exactly the same thing.

Helluva a football game we're watching here. 1550.25 is definitely the line of scrimmage. The opposing teams seem remarkably well-matched. I rather hope the hooves win because I hate switching teams in the middle of a game, but I''ve got an SAR order placed to do just that should the paws...

1451 didn't do a great job of supporting. My SAR order got very closely flirted with, but not hit (at least yet). RSI suggests we're going higher from here, at least some. On my 240 tick chart, we're right at a very critical point where three trendlines meet at a point right at 1450.25...

Indeed. I drew a line in the sand, and we are there now.

The pause that refreshes...just to prove that 1454-5 resistance is now 1454-5 support, and to let the RSI take a deep breath. Probably not a bad place to add to longs if anyone's so inclined. Let's just hope there aren't any 40-year-old Interstate highway bridges between here and 1490...

From your lips to Bernanke's ear! :)

Oooh, that could be fun! I love the smell of buy stops in the (late) morning. EDIT: YES! WAY TO GO BULLS!!!

Wave, how long be long? You think we retest 1455? I've also got some overhead trend lines coming together about 1450 that could possibly be resistance. It's nice to be non-wrong, but I'm a little fuzzy on how long being long will continue to be non-wrong. :) Well, looks like it didn't stop...

Back on the air <sigh> S 1438.50 BS 1440.00 (1.5 points) PT1 1433 PT2 1426 If ES breaks below 1425, I've got nothing but air down to 1402 or maybe even 1391. EDIT: Too much buying pressure. Stopped out for -1.5.

Out of this trade early at 1448.25 for +4.75. Will look to re-enter short higher. EDIT: I didn't really intentend to get out, but I got my stop a bit too close and the vol at RTH open got me out. Still, can't complain. Last two trades netted +17.25. And the day is young. :) EDIT: Closed...

At 8:18 ET Last paint 1446.00 (+7) lowered BS to 1451.00 PT1 limit buy order is in at 1440.25

At 7:36 ET S 1453.00 BS 1454.75 (1.75 points) PT1 1440 (+13 to close the gap) PT2 1426 (+27 to major support) EDIT: At 7:55 ET last paint 1449.00 (+4) lowered BS to breakeven

Closed out this long at 1451.75 for +12.50. Next looking to go short from about 1455 if reversal is confirmed. 1454.00 may well turn out to have been the top here, so looking for possible short entry on any pull-up towards that level.

At 5:15 ET, finally broke out of hour-long bull flag to the upside, now running stops above 1449. My long from 1539.25 is now +10.5 points, holding for another 5 points for test of resistance at 1555. Protective sell stop now raised again to 1447.75. Will look to go short at 1555 unless we...

Concur. 1455 was roughly the LOD for 7/27, 7/30 and 7/31, so it's a good candidate for strong resistance today. The next level above that that I'm looking at is 1465, which was LOD on 8/2. 8/3 was the "outside day to end all outside days" which totally engulfed the two preceding days' ranges...

Have a chimichanga for me! (I don't do carbs.)