Futures down slightly this morning, but ES has held mid-90s support thus far. European markets also modestly down. Market reaction to news this morning has been muted though jobless claims and non-farm payrolls came in slightly better than expected.
I will be looking to see minor weakness continue this morning with a move back down to 1295 and then 1290 on the ES. I like long entries from there today (intra-day). Of course price action rules here and I won't defend any long positions if price moves lower. I like short entries if the ES trades back up towards the highs. Though I am swing short the market, I will continue to trade intra-day according to short-term price action.
Levels to watch today on the ES:
Resistance above at: 1300-1301, 1305-1306, 1310
Support below at: 1295-1296, 1288-1290, 1283-1284, 1278-1279
Subscribe to:
Post Comments (Atom)
Hello Verde - Just found your blog a couple of days ago... I too trade ES intraday so it's nice to find others that do also. Will be looking to see if SPX cash can hold yesterdays low at 1302.62. QE2 has really done a number on the charts huh... Will check back here in a while... Good luck...
ReplyDeleteVis
Charts continue to provide good levels, but QE2 is definitely responsible for the unprescedented run-up on equities. But don't think the markets can't correct. The sooner everybody is convinced the markets can only go up with QE2, the sooner we will see it turn down hard and with velocity.
ReplyDeleteI agree, but already reading articles like this does not bode well for the shorts...
ReplyDeletehttp://www.reuters.com/article/2011/02/01/usa-fed-hoenig-idINN0112049620110201
Vis
Don't you know, QE to infinity :)
ReplyDeleteVis, Just so you know, I am on board with S&P to 1400 this year, but not before a correction...
lol Exactly on QE! I think that they will at least talk about it in April even if they don't actually do a QE3 just to keep traders guessing as to the downside... Debasing the dollar and the massive amount of inflation that's coming won't be pretty in the long run if they keep this up.
ReplyDeleteI think we have a few more days of this up and down action before a true correction is coming. And even then, not looking for much more than 1250 or so to the downside.
Bollingers on the $NYMO weekly are the tightest they've been in years making me think we are in for a trendless market for the next few months or so or at least until after QE2 in June.
What platform do you use for ES? Ninja here...
They just don't want to lose SPX 1300 yet huh...And yes I agree, 1400 may be in the cards before all this upside stops...
Vis
Have you read Siddhartha? His greatest skills were thinking, waiting and fasting. Those skills can be much utilized when trading the markets...
ReplyDeletePlatform? I use both Trade Station and Infinity
No, have never read the book. But agree that patience and trading your strategy and NOT your P&L is the most profitable way to trade. You have to let the trades come to you and not force them as SO many traders do?
ReplyDeleteWhat do you think about Carl Futia? I've seen you over there before.
Do you trade for a living?
Not getting short yet as we approach the highs, no edge here into the close. Will consider a short after the close... and will post if I do...
ReplyDeleteRe: Vis,
ReplyDeleteCarl publishes a great blog, I appreciate his perspective on the market...
I trade for a living full time. I will be adding additional resources to "WeTheTrader" as well as my biography and a description of my methodology... Hopefully it will be useful...