ES Journal Archive (2006 - 2008)

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I agree with you Tommy

Anytime price takes out the open you have a potentially significant move in front of you.

Depends I think on whether the move attracts size (institutions) or not. Up to this date, institutions have decided either to stand aside (so the move has no momentum) or mark it up.
 
no .. the market seems to be unloading supply .. I think they take it into the 1500-1510 area.


notice hang seng futures have been down, and diverging from the china indicies. Its been happening for a few days. I think some big players are unloading and getting short for a global event in the future. The chinese government might be working on a measure to kill the bubble.
 
Quote from mbusch:

If it goes below 1514.75, next support levels seem to be 1511, 1507-8, 1501-3.
More...

Yes. 1511 and 1507 areas are much more prominent vs 1514.

FWIW, next major level on YM is 13448. Big air between here and there in YM.

Good trading to all
Osorico :)
 
Just a quick comment

I agree with Spectre, market seems to be selling inventory

There are a couple of ways to verify

One is advancing vs declining issues

another is the bid/ask spread

When locals get "too long", they cannot just sell off the inventory. To do so would mean selling at a loss.

What they have to do FIRST is to drop the bid to stop outside selling. THEY sell into the pullback, THEN it drops (continues) down. They buy it back lower, rinse and repeat.

Retail should be WATCHING the pullbacks and then (if you are bearish) entering on the continuation move down.

Good luck
 
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