ES Journal Archive (2009 - 2010)

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What's up gents.

Looks like shorts could be in business now. IMO the failure to hold the 1006 level (at least) was very important and 1050 is out of the picture for at least a few weeks. Next stop before a genuine reversal should be either the low 960s or maybe the long-awaited retest of the 950s breakout.

I'm currently looking to sell 1010-1015 and to buy 990-995. Targets are going to be bigger on the short side obviously.
 
today is looking more like a revert back to the mean i.e. a test of MA support before another leg up. they want to juice this bubbble some more before they really pop it. today is a bear trap. tomorrow and the rest of the week we rally and rally hard. unless ofcourse we get some unforseen event that could create panic selling. if the dow sees another leg down into the close today then i would venture to say that somebody knows something and all bets are off.
:cool:
 
Because the VWAP on daily at the end rise over breakout it is relatively safe for powers trying a lift market allow this retest. However it needs to be done failry quickly otherwise there is danger that VWAP will drop bellow it and than the retest can fail with way higher probablility.
I think they will play a bit with 200day MA tp get the VWAP a bit higher. In retest moment it should be exactly there, (otherwise itwill be hard resistance after retest. It is marketmaker art get it there in correct moment.

Quote from Specterx:

Next stop before a genuine reversal should be either the low 960s or maybe the long-awaited retest of the 950s breakout.

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downtrend channel is now in effect. the only way to rally from here is to form a tight base on the 60min. however, time is running out so i expect more selling into the close as well as in the overnight.
 
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