ES Journal Archive (2006 - 2008)

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Having trouble breaking through 1532.00 to the upside. I've closed my long and am back on the sidelines.

We may just move sideways in a range from 1528.50 to 1532.00 until the close. Those both look like strong levels.
 
Quote from smilingsynic:

"Engineer" is a good word here in this context. Yes, the goal it would seem is to trap shorts, and/or to encourage weak longs to bail, just in time for Tuesday's reports. A strong down move here would go against the general accumulation/distribution waves of the market.
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true sellside liquidity.. is what the bigboys want.. so even though they cover incrementally... they need to break it...before...the next nonfarm payrolls, the nfp wont come in weak as it did before..

same dynamics, in bond market...the short side trend is being counter trended, to bring in naive buyers..
 
Buy setups yes, but I am not going for the buy until the close. The baby goes out with the bathwater to 1528/29 area. And petulant weak hands get all bear'd up again.

I'll check at 4:30 price after hours to see if can start building swing up.
 
Quote from mbusch:

Having trouble breaking through 1532.00 to the upside. I've closed my long and am back on the sidelines.

We may just move sideways in a range from 1528.50 to 1532.00 until the close. Those both look like strong levels.
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That does seem to be what happened...
 
Quote from Spectre2007:

buy signal is going to trigger.. here..
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Sorry, but you don't get a second chance in this game.

Not to say that we won't gap down overnight only to see it spring right back to life because, as you already know, they'll cook the economic numbers yet again. I never understood why the hell they need to "revise" anything. Does anyone else know?
 
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