ES Journal Archive (2006 - 2008)

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Quote from smilingsynic:

Dec contract low = 739

Open gap near 1000 = 1002.50

1002.50 - 739 = 263.50

263.5 / 2 = 131.75

739 + 131.75 = 870.75

870.75 = today's 9:30-4:15 high
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What does this suggest?

One option: 1002 area might well be in play.

Longs should be taken 805-810 area, and held until right before the magic 1000 area. 805-810 will look scary, come Monday, perhaps, but it looks like a buy zone, for an intermediate term position. In hindsight, a bear trap.

In the 1960's, 70's, and early 80's, DOW 1000 was major resistance.

In the coming years, S&P 1000 may serve that same role.
 
Wait, are you saying to buy @ 805-810 are or that we should have bought 805-810 area?

Overall what worries me about the long move is that open gap from Monday that is still unclosed, although a rally to 1000 only to slam it down again to 745-800 does seem like a viable scenario.

In this bear market though up-gaps are closed 10 times faster than down gaps, so this up-gap is nagging me like hell.


Today was the first time (that I recall) since my "October massacre" that I had a good day. My stops are too narrow still but at least I'm getting a nice chunk of the move and not getting reamed in the rear...
 
Quote from Lawrence Chan:

40-44 area was taken out last night ...

Next level for the retracement will be the 18-25 area

Seldom we see such weak Black Friday week rally :confused:
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Historically if i recall the weds before is weak for the market with a positive bias on friday. I used to have a link to the stats but can no longer find it.
 
Quote from volente_00:

Historically if i recall the weds before is weak for the market with a positive bias on friday. I used to have a link to the stats but can no longer find it.
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Right. I keep thinking in terms of points for the retracement.

These days 1 to 2% gap is normal :)
 
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