ES Journal - 2012

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Quote from gmst:

this is not the price action that goes with a long generally
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How so?

I would not enter a long right here personally as we could pull back, but I certainly don't think I would short this?

NQ is making a run towards the highs and ES is clearing one resistance zone and now taking a stab at the next?
 
Quote from Laissez Faire:

How so?

I would not enter a long right here personally as we could pull back, but I certainly don't think I would short this?

NQ is making a run towards the highs and ES is clearing one resistance zone and now taking a stab at the next?
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can't say much about NQ since it is a different animal.

But for ES, tape and charts are suggesting that we are topping out.
 
Quote from gmst:

can't say much about NQ since it is a different animal.

But for ES, tape and charts are suggesting that we are topping out.
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How so?

I do agree now and knew we could reverse here, but I did not see it at the point of your entry. Good call there!

Yesterday's close were sold pretty hard here. Remains to see if we merely pull back or if we actually make new lows.
 
Quote from gmst:

its pretty clear to me that this is the top for today at least....we are going to make new lows
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overall es is bearish, but nq is holding it up.

Short ES-NQ spread might not be a bad trade for today. But I won't venture near it since I don't have any experience with this spread, as far as stops and targets are concerned.
 
we came back up, but we are selling again....if we get rejected from here again, its a clear double top and we go down. However if we breach 42 by 2 ticks, we make new highs
 
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