Implications of ES opening above 856

If ES manages to open above 856, it would be jumping-the-creek, i was describing yesterday. That's how they typically emerge out of mexican standoffs, when both parties are unrelenting during the trading hours. Now we still have more than 2 hours for the open and we are trading at 859. So anything can happen between now and then. In the event we open above 856 and the cash manages to trade above 858.5, then the hourly will start uptrending. But remember the daily is still downtrending, so it's not a outright buy-the-breakout. But definetely a cover-the-shorts signal in my book. Then i would look to buy the pullback, if the hourly trend remains intact. If the hourly trend breaks down, then back to shorting business. Trading is simple using just trend and momentum. Still holding my swing short ETFs from yesterday from SPX 845, waiting to press the eject button on a break above SPX 858.5.

Edited by NAV, 28 January 2009 - 07:17 AM.

Excelent analysis and timely post last night.

If ES manages to open above 856, it would be jumping-the-creek, i was describing yesterday. That's how they typically emerge out of mexican standoffs, when both parties are unrelenting during the trading hours. Now we still have more than 2 hours for the open and we are trading at 859. So anything can happen between now and then. In the event we open above 856 and the cash manages to trade above 858.5, then the hourly will start uptrending. But remember the daily is still downtrending, so it's not a outright buy-the-breakout. But definetely a cover-the-shorts signal in my book. Then i would look to buy the pullback, if the hourly trend remains intact. If the hourly trend breaks down, then back to shorting business. Trading is simple using just trend and momentum.

Still holding my swing short ETFs from yesterday from SPX 845, waiting to press the eject button on a break above SPX 858.5.

868 is the first brick wall......from there back to 839 seems likely......then up thru 870

Chief if we make 868 I don't think there will be enough selling to close the gap to 839.... That would be some intense selling pressure. The shorts made such a huge stand at 840 845 850 that I would be surprised if this gap fills at all, let alone that deep. Also can we extend the time for editing posts? My spelling errors drive me nuts

i m just getting ready for it to take much longer than i think right now to play out... as usual...

Pressed the cover button at the open. Now flat. Will reaasess later whether to get long or short. Will post at that point in time.

The daily downtrend line was broken 3 days ago, no mystery here, the low is in.

Chief if we make 868 I don't think there will be enough selling to close the gap to 839.... That would be some intense selling pressure.

The shorts made such a huge stand at 840 845 850 that I would be surprised if this gap fills at all, let alone that deep.

Also can we extend the time for editing posts? My spelling errors drive me nuts

>That would be some intense selling pressure.<


naw.......after 2.15.s fed announcement it mite look easy.....but fast..... ....868 cash has been reached ....u can see the buyers step aside

Chief if we make 868 I don't think there will be enough selling to close the gap to 839.... That would be some intense selling pressure.

The shorts made such a huge stand at 840 845 850 that I would be surprised if this gap fills at all, let alone that deep.

Also can we extend the time for editing posts? My spelling errors drive me nuts

we is allmost to the 839 gap now.....we gonna make it???