ES Journal - 2019/2020

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There is definitely a motivated seller on the tape today which I haven't seen in quite a while. He's sweeping the bid over and over. His problem, however, are the deep pockets on the bid who are relentlessly defending.

My money is on the buyer and if they can defend the cash open, this sucker is likely to pop up like a jack in the box.
 
mbondy said:
There is definitely a motivated seller on the tape today which I haven't seen in quite a while. He's sweeping the bid over and over. His problem, however, are the deep pockets on the bid who are relentlessly defending.

My money is on the buyer and if they can defend the cash open, this sucker is likely to pop up like a jack in the box.
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Thinking similarly, selloff this am had more conviction than last 2 days..
 
If this closes below the open it will be third day in a row cash close<cash open with each day posting a rejected higher high ... I think a pull back is in the cards. No guess as to the extent, but the 2870's seem likely.

Still, I'm a day trader most of the time, so I play it both ways (the market that is;))
 
mbondy said:
There is definitely a motivated seller on the tape today which I haven't seen in quite a while. He's sweeping the bid over and over. His problem, however, are the deep pockets on the bid who are relentlessly defending.

My money is on the buyer and if they can defend the cash open, this sucker is likely to pop up like a jack in the box.
More...

If ES is arb'd to the index, then isn't all this volume you are seeing just arb volume? I just don't understand how any one trader can move the ES that much with arb going on.
 
FWIW, 2900 ESM has yet to trade during RTH ... every touch was Globex during this uptrend. I'm going to buy 2900 just so I can say I did.
 
SPYgrain said:
OK dating myself, I used to love daytrading big S&P - $500 then split to $250 -(late 90's) when the floor used those electronic hand decks for order submission..traded in 10 cent increments..anybody trade that mkt?
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Traded for awhile in a small online room with Jeff Cooper, early 2000's. He was the only one trading the big, had to call his broker to call the floor to execute his trade. He used a ten minute chart.
 
_eug_ said:
Here is my speculation on the low volume over night rally that get sold off on the open. It's a perfect way to distribute a massive amount of contracts higher and higher levels. Run it up on low volume over night, then sell hard to the day traders who provide liquidity, as the market drifts up they sell every single pop hard during regular hours where there is a lot of liquidity. At some point the carpet gets pulled out and the market will "flash crash"..

Just some Wednesday morning rambling.
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Congratulations to you for posting the closest thing that I have ever seen in this thread to trading insight. Now think longer-range: if in fact you are correct, and I tend to agree with you, as most large traders have to scale into their positions considering that the sheer size of their orders can move the market unduly against them... where lies the largest pool of 'buy' liquidity with which to scale into a sell right now?

Because that's exactly where we're heading and why.
 
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