ES Journal Archive (2006 - 2008)

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Hard to believe its exp week. There's more happening in my backyard when grass is growing. Volume has also been veeery light recently. Is this calm before the storm or what? :confused:
 
I'll tell you what I see. I see the ES trading right up to the same resistance level that it tried but failed to break every trading day from April 2nd to April 9th and then failed again yesterday to break. I also see that there is a very short term (3 day) upward trend line acting as a weak support. All of this with low volume.

What I conclude from this is that unless there is some catalyst tomorrow that can provide enough momentum to break through the current resistance levels then we will see more of a pull back. The truth is we don't know what tomorrow will bring but if you feel you have to be in the market...short seems the most logical way to be from a technical standpoint.
 
Quote from Maverickz:

I'll tell you what I see. I see the ES trading right up to the same resistance level that it tried but failed to break every trading day from April 2nd to April 9th and then failed again yesterday to break. I also see that there is a very short term (3 day) upward trend line acting as a weak support. All of this with low volume.

What I conclude from this is that unless there is some catalyst tomorrow that can provide enough momentum to break through the current resistance levels then we will see more of a pull back. The truth is we don't know what tomorrow will bring but if you feel you have to be in the market...short seems the most logical way to be from a technical standpoint.
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Nearest resistance is 72.25 area, obviously. I would not consider resistance a safe place to short unless there is a gap up that proceeds to trade down through 72, a la Taylor.
 
Quote from smilingsynic:

Nearest resistance is 72.25 area, obviously. I would not consider resistance a safe place to short unless there is a gap up that proceeds to trade down through 72, a la Taylor.
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I agree thats why I said "if you feel you have to be in the market" then short would make the most sense. While it's not the best time to short the fact that it has tested this support level 7 times (counting today) in April alone makes it pretty significant resistance. So I would say for those that absolutely must be in a position I would choose short over long simply b/c I don't see the 8th time being the charm....I could of course be wrong. A breakout is always a possibility.
 
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