Friday, July 16, 2010
Considering Long Positions Now
ES hit a low of 1066.25. There is still room to go lower, but I like the support in the 1063 to 1066.50 range. If we somehow break below 1063 and close the day down there, that will be very negative for the markets and could signify a push down to retest the lows sooner than I expected. Until that happens however, I am biased to the long side.
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I've been scalping this lower range here for 1 point at a time. However, I don't think the lows are in yet, so I wouldn't hold any longs here just yet... going to see how we trade into the afternoon. There should be a better opportunity to go for a long position
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