Yesterday's 15 Minute Close Bar = Down @ 1327.00
Yesterday's TREND = Range
9:00/Reversal = Range w/ Mushroom top
Yesterday's Power On Close = Weakness
Today's Open = Gap Up (7.5 points) Result = Gap Reversal, Test of Highs @ 1335.75, the overnight Resistance area and R2 pivot. Daily weakness of OLD TOP @ 1338.00.
Today's TREND = Tight Down Trend till 9bar reversal.
Today's 15 Minute Close Bar =@Down @ 1329.00
Today's Power On Close = Weakness
Daily Volume = 1.6M low
Today's $TICK close = UP@ -31
Daily Market BIAS for Tomarrow =
-0.286 Moderate Bearish Range
Today we saw ES GAP UP to previous days R2 pivot and After market highs, only to sell off into a down trend for the morning.
ES is still flurting with Background Weakness from previous highs, Im expecting a blow off move to the 1338 level to catch stops and create more demand.
Daily ES shows much Weakness
TRADE OF THE DAY
The trade of the day was ES's Sell off from 1334 down to 1329.
From our study we note that when price gaps up more than 8 points (Large Gap) we tend to see a tight trend in one direction for most of the day. Today we had a 7.25 Gap up after seeing weakness on the 15 minute close bar of yesterday. Our Overnight Pre-prep Routine revealed a moderate to strong Bearish Bias. So we come into the day looking for shorts.
Armed with this information I look for 7bar positioning to provide directional confirmation clues. This came when the price pulled back up on LOW volume 6:45 bar and formed a Doji bar on the 7:00. the confirmation entry would be a break below the 7 bar doji (witch happened to be the 15 minute R1. Then price moved lower until the 8:00 peaks zones.
15 minute pullback at 7bar zone
4500 tick look.
1500 tick view.
To catch these moves require patients, and TRUST in the Bias if all checks out at open. Clues will show around the 7 bars or just prior to the 6:45. Be sure to draw trend lines asap.
Intangible Observations:
look for SPX and Vix.x Divergence for powerfull moves. (ie. if spx and vix begans to run in the same direction for 2 or more bars that is clue for ES to pop.