ES Journal Archive (2009 - 2010)

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I mentioned elsewhere the other day that we have extreme selling indicated by tick index and other measures but the price level held very well for 2 days.

That is bullish. People are buying into 830-840.

IF, the market is really bearish, a run up first to a higher ground is always needed to crush the "ice" below.

How much higher is needed? Don't know yet.
 
The Technical Take: Market Poised For Aggressive Move Higher

The choppy price action that has persisted for much of the last week has been difficult to trade/hold positions. The slow uptrend suggested limited conviction and raises the probability that the rebound is part of a temporary corrective move but as presented here the door was open further short term upticks. Initial resistance for the S&P above Monday's high (852) is at 857/859 which marks the range floor from Dec, the 38% retrace of the Jan slump and its 20 day exp with its 50 day sma coming into play at 868.
 

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Quote from Pekelo:

You guys suppose to switch to long between 1-2 pm, when the W %R hits -100.

Oupps, already happened at 841.5 :)

Currently 846+...
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Pekelo..question about %R. i don't use it currently, but I want to learn about it. I have it on a 15 min s&p cash chart. the current reading is 91.3. Is that correct? so an oversold condition would then go down to 0?
 
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