The S&P Futures (ES) closed today's trading at 1085 with no real buying coming in at any point during the day. That indicated a weak market. Market continued to tick down in the Globex session and around 5:10 pm EST, the ES sold off 7 points in less than 30 seconds. There must have been a very large market stop order sitting there which pushed the market down quick right past key resistance at 1075. If you were savvy, that was a great time to buy as we have since ticked back up to make up for that flush down in the order que. In any case we should see some nice movement in the markets tomorrow which will make for some much needed good action for the active trader. We should most likely gap down as the regular session opens tomorrow. I'll try and post pre-market to give an outline of what I will be looking to trade.
Watch to potentially fill the gap from back on 7/21 which will be in the 1063 to 1067 range.
Wednesday, August 11, 2010
Looking for Long Entries After Market Sells
I am looking to Buy this market anywhere between 1084 to 1091 on the ES. We have currently found some support between 1088 and 1090. Still a strong chance we find lower lows, but if you wanted to scale in to a long entry, the 88-90 zone would have been a good place to start... I'm only scalping for now, but will be looking to get long this afternoon...
Subscribe to:
Posts (Atom)
