Yesterday's Power On Close = Weakness
Today's Open = Open @ 1301 GAP Dn(6.25 pts)
Result = Down Trend
Today's TREND = Down Trend
Today's 15 Minute Close Bar =Down @ 1247.50
Today's Power On Close = Strength
Daily Volume = 3.29M High Volume
Today's $TICK close = -448
Daily Market Bias For Tomorrow =
.214 MODERATE RANGE
Daily's are showing Signs of short term Weakness as the ES sold off another 30 + points today after a very brief opening rally. We are Now at a critical juncture, the 1245 level is the Up Trend Low from Last July and Aug, and crossing the Down trend channel low from the Bin Laden Highs. There are No Prints but the High Volume down bar close on the lows could signal strength over the next few days, also we have Cycle Supports appearing. The 40500 and 135 are showing Exhaustion as well. I'm Expecting a bounce from these areas and possible consolidation prior to moving lower. This could all happen tomorrow or over a period of days.
TRADE OF THE DAY:
The TOD came early on an Open Ice trade that setup above the 1/2 BB on the 4500. It appeared as though we would get a tri sync across the ticks but we broke into an uptrend on the 1500 prior to syncing, so this was strength. The Major Clue was Globex Strength as Cycle Support held with an overshoot on Block and Probars in the pre-Open with Midline broken and retested. The Actual Open Ice bar was short narrow spread that challenged the previous high.
(Note The Bullish Divergence at the 0 line and the testing bar of the BB Midline in the preopen.)
Open Ice (Notice the support and Blocks in the pre-Open)
WHAT I HAVE DONE BETTER:
This was a 1shot 1 kill day early.
I Held with patients and recognized the constant testing of the high and the fact that a break above these levels would move price past my target, so i Adjusted and was able to get an extra point out of the move.
I Held with patients and recognized the constant testing of the high and the fact that a break above these levels would move price past my target, so i Adjusted and was able to get an extra point out of the move.
INTANGIBLE OBSERVATIONS:
REMEMBER to note the Highs of the Globex session and look for signs of rejection and failure near these areas, also check the 1/2 line direction.
Open Ice is good when the Pre-Open shows Support/Resistance and a reaction to these areas.
When Price constantly test a high/Low and is poised to "break Out" it is ok to adjust target but dont get greedy 1point is good.
Also Probars on the 1500 tick are a GREAT clue to bail or at least wait for a retest, but you must be nimble.
(note the arrows at Probars and 1/2 Line.. Very telling)