ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Looking at the 240 here--although it appears to be toppy, there is a positive in that the action the last two or three sessions did not test the previous reaction low of 1266.75. So you would have to say that the uptrend is still intact although it is weakening some as can be seen by the fact that the current reaction low of 1270.25 is not that far above the previous of 1266.75. A positive also would be the fact that we hit the 1270 area twice and bounced off. Bulls should use a bit of caution here though as the trend is weakening. A stop below either 1270.25 or 1266.75 would be difficult to argue against. A factor to weigh to the downside is the bearish divergence that occurred at about 1282 on the 240 and was without question already tradeable from the daytrader's perspective. If I was daytrading, I would probably begin to look for places to short. However, I am trading a bit longer than that overall and I am lookng at the reaction low of 1243.50 as the area to get out or add long etc. 
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RE; #13 fibonacci
B1sell2,;
nice buy call @1271 area, caught[late] part of that.
Even though 50 dma is positive on YM,ES;
even eod rally was NOT able to close higher.
Looks lower,
especially since first day/week of month tends to be bullish. NOT so bullish aug first.
May buy @1213, sell on way down
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