Due to the outrageous move in NQ this morning, ES was pulled up by short squeeze.
900-905 area has layers of resistance built up.
First time since the super run up from the bottom.
If PP acts as resistance from here onward, S1 is in play, way below.
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
- Start date
- Status
Due to the outrageous move in NQ this morning, ES was pulled up by short squeeze.
900-905 area has layers of resistance built up.
First time since the super run up from the bottom.
If PP acts as resistance from here onward, S1 is in play, way below.
PP 898.5
IF acted as resistance, then a mini HS is built with target 891.
Best case is that it fall straight down.
Straight down is way better - means 15-min and below timeframe traders are not in control.
Quote from saliva:
Well there was nearly no support at 96, which means the trannies are completely shot. It's time to hang them T-boyz, gang!
50% of RTH is 894.5
It is also VWAP area - must zoom thru it to confirm the sell off is really from higher timeframe.
It's my hunch that VWAP works when the bulls are in control. In a bear raid (which this ain't, not yet at least), however, I think it's safe to say that they throw that stuff out the window and simply let hell break loose.
On that note, it's possible that we retrace up to the upper channel at or near 97 from here.
Right shoulder of a potential IHS being put in on NQ right now at 1398-1400. NQ has been leading this market, so a powerful move from here is possible and it will drag ES with it. Anythings possible, but I'm anticipating new highs on both before we have a meaningful roll-over. Setup void if 1395 is touched.
- Status