Yesterday's 15 Minute Close Bar = Down @ 1328.50
Yesterday's TREND = Range into Symetrical Triangle.
Yesterday's Power On Close = Strength
Today's Open = Gap Up (6.5 points)
Result = Gap seal after early Test of Pre Open Highs and R1, failed on 2 test and began a down trend till mid morning.
Today's TREND = Down
Today's 15 Minute Close Bar =UP@ 1324.25
Today's Power On Close = Weakness
Daily Volume = 1.8M below Average
Today's $TICK close = UP@ -192
Daily Market Bias = -0.571 Modest Bear
Quiet Friday morning after Thursday's whipsaw that ended in a symetrical triangle. Today we saw price gap up thru the triangle and fail at the R1 highs. The Daily ES is in full consolidation phase above daily cyclical Support / EOT, this is actually bullish considering the strength up to this point, however we are yet see a test of the previous high of 1338. Price seems to be inching slightly higher but falling short of this number. After the 9 bar we saw a large sell off to 1318.75 near cycle Support 1316 and bounce to close @ the 1324 level with more downside air ahead.
TRADE OF THE DAY
Was the Open Ice breaker that was triggered after price gapped up and tested the pre open highs, on the 500 tick it showed a double top. The move was good for 8.5 point (total range) before slowing at daily pivot point and upper cycle supports on 13,500, 4500 and 15minute. 7bar zones showed a continuation of the move to the bottom. Then 9 bar confirms short side sell off.
4500 tick down trend
Intangible Observations:
When price fails to crack 13,500 Open Ice breaker bar look to enter in the opposing direction, Today it failed as a double top on the 500 tick. 3LB on 1& 2 was down, Low volume up bars on the 1 minute, exhuastion on the 2 minute $TICK.
Note the TRUE Rambos at the over night highs with NO BLOCK bars on the rally to pre open highs. A Good early Reversal clue.
When exiting look for 1500 exhuastion with a probar to get max.
Entering on the End of Trend Warning, when we get an end of trend warning. On the 1500 when we see Exhaustion on the End Of Trend -Then we need to WAIT!! for a 2nd cyclical turn after End of Trend. If we see ONLY divergence when the End Of Trend is shown, then - We enter here as this signals that the selling/buying is much weaker.
When exiting look for 1500 exhuastion with a probar to get max.
Entering on the End of Trend Warning, when we get an end of trend warning. On the 1500 when we see Exhaustion on the End Of Trend -Then we need to WAIT!! for a 2nd cyclical turn after End of Trend. If we see ONLY divergence when the End Of Trend is shown, then - We enter here as this signals that the selling/buying is much weaker.