ES Journal - 2012

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Quote from bigsnack:

Yeah I think that 47's will trade today.
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I would have expected a bit more selling off the bat here if the market was to move down, so I think you may be right. It's looking more and more like SPX will not find sellers until the 70s, looking at a weekly time frame. Not much opportunity to get in this move up man, except at 35/36... sheesh
 
Based on the way that the TICK is reacting with price, I'd say that maximum potential to the downside is 41's, anything lower than that and the whole morning move could get erased.
 
Quote from bigsnack:

Based on the way that the TICK is reacting with price, I'd say that maximum potential to the downside is 41's, anything lower than that and the whole morning move could get erased.
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Looking at a composite profile from friday to right now, we have a POC of 39.25, with 2.5X more volume below it (down to 32s) than above it (up to 42s). VWAP in that range is around 37.75. So IMO it would not necessarily invalidate a long opportunity unless we start to trade below today's open at 37.25 .... would like to see 41 hold as it is clearly the low of today's upper balance since trading there, however, only if we start to break into the mid 30s around 35 would I see the sentiment as having changed. Of course I'm not considering immediate order flow which could change at any time, but that's how the chart looks to me.

http://screencast.com/t/bSWRBBAsU
 
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