Quick look at the SPX Futures Contract (30 min 7 day)

OK, so at this point ... it's all about testing those big volume spike highs around 1425. You can see how much volume was dumped/bought there. Now, you can also see the red volume candles around 1401. I mentioned this earlier today... the 20K contracts spike low at 1401 on the 4th, was a setup for a retest, now that test came on more volume today, but it was clearly a technical plant job to setup a loadup for a run back up to retest that 1425... So that's what is operative here. Now thinking ahead to tomorrow, or even tonight... we will see that 1425 tested, it will probably come on light volume this time, and then hang for awhile before we move down sharply on strong volume... at least that's how I envision it. So if you are watching these futures, take a special note of the volume... It's almost certain we're not going over those volume spike highs on stronger volume... very low probability... so that sets up a bearish upthrust reversal... back down to test those high volume 1401 candle lows from this morning. Anyway that's how I see it... 1425, then 1401. If it goes the other way and 1401 is tested first, then you have to be alert for another spring back up to test the 1425....

Edited by SemiBizz, 07 May 2008 - 03:05 PM.

Semi, So far we hit the number on the nose and have promptly fallen 7 pts....Don't have a volume read though...

Dude - The spike was nothing other than the MM clearing the stops Shady Brady

Semi, you've got hogs up there not the ES. In looking at the late tell, however, I think you may be right. Mark

Dude -

The spike was nothing other than the MM clearing the stops

Shady Brady

Dude, Volume is Volume.

Dude, Volume is Volume.

You nailed it.

That was the high for last night. It had several deep retracements, but if you held on to the short around 1422.75, you're still in.

Edited by kidkoala, 07 May 2008 - 02:57 PM.

I had SDS from yesterday. Took 1/2 profits today near the high...(57.45) We may bounce in the morning... 1401 area. I still think 1385 comes. Let's see what happens on the open. USO is poised to "Jump the Creek" at 100 on the open tomorrow. Wonder just how many shorties have their cover order placed at egggzacktly 100.00 ?

Edited by SemiBizz, 07 May 2008 - 03:30 PM.