ES Journal Archive (2009 - 2010)

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Quote from opt789:

We still have an open gap around 1005 and the 50% mark between our recent high of 1037 and our recent low of 975.50 is 1006.25, so it would make sense if we do start another short pullback relatively soon. The last low of 1018.25 might be worth watching, but the previous resistance which should now be support is 1016 so if that fails the gap should fill.

This market has done a good job of filling gaps, when they are within a reasonable range, so I am assuming this will continue. While B1S2 will say gaps are not relevant to your trading decisions, I would say that I am just following the trend – an idea to which he does subscribe.

However, there has been a lot of talk about 1050, so we could make it up the 13 additional points over the high so far to hit that. I still think the 1005 will trade, but we could hit the 1050 then get about a 5% pullback to fill the gap. None of these scenarios break any major support or uptrend lines, and the bulls will still be in complete control. We will need something surprising for that to change.

The dollar, oil, and Asian markets bear watching because if they move out of their recent ranges it could have a significant effect on the ES.
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Spy option interest indicates ~970 to ~1050 til sept expiration.
 
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