ES approaching 1029 pivot

Discussion in 'Index Futures' started by ordinary_trader, Sep 25, 2009.

  1. ES made it to 1035.5 in Globex.That is as close as it got to that 1029 pivot before buyers stepped in. Now this bounce should carry it to 1065 area today and next thing to look for this week is if it can form a lower high on the daily chart and turn down for the real break.

    Else default move is to keep watching higher with 1090 level as next level over the 1075 area highs.
  2. dozu888


    ask 1000 people on the street, who's got wife and 2 kids, house in the burbs on a mortgage, and a company 401k, what these numbers mean to them, 900 of them will have no clue and the other 100 will give you the middle finger.

    stop looking at this hog wash stuff and start make some real money, with LOGICAL analysis.
  3. ES tested to that 1065 area mentioned , found resistance and turned down.

    Now the potential for a lower high on the daily chart is in place.

    For a swing trade, options are
    a) short the ES here with a 1066 stop, targeting back to that 1029-1035 zone. Since we are still in the 1029-1075 range, this a relatively riskier trade.

    b) The other option is to wait for confirmation look for the 1029 zone to be taken out on a strong (2.5% - 3%) move and then enter the short with a stop at a swing high formed.
  4. You need to learn how to use the "Journal" section of this forum, as that is was this is.

    And if you are going to post funny numbers, at least have the decency to post the result of the LAST prediction.

    you sound like you are trying to give directions to an out of town driver...

  5. ES Price Action For Wed, September 30

    ES continues to fill out range 1029/1075.

    Morning push down closed Monday's gap, bounced off a low of 1041.5 to find resistance at 1060 area which was a familiar resistance zone this week so far.

    From a higher timeframe perspective, 1029 still remains important pivot for defining if this market is going to turn lower on the daily timeframe.

    A close below 1036.5 will put in a lower low on the daily chart if the lower high at 1065 is not taken out before then and will mark a trend reversal on the daily chart.

    From a intraday trading perspective a break of 1041/1061 can be used as levels to trade against/with.
  6. A few weeks ago, someone posted a ES swing short trade and I couldnt see any price action to support that.

    I posted this message indicating what kind of price action would suggest a tradable intermediate top.
    And have followed it up with comments in this thread on ES price action since then.

    Today, ES made a solid trend move (-2.5%) closing below that 1029 pivot mentioned which was taken out in the last 15 minutes of the day.

    Now finally the price action supports a good move lower and the odds that an intermediate high is in place at 1075 are favorable.

    The daily chart shows a trend reversal now with the first lower high (1065 last Thursday's high) and lower low on today's close

    Now the odds are in favor of playing a good swing move down in the ES.

    One way to trade this is to short here or any push higher with a stop @ 1066 playing for 975-985 and then depending on the price action 925-930 becomes the next target level. A suitable option play would be another alternative.

    Resistance zones above today's close are 1035-1041 and 1055-1061. These can be used as entry levels/stop levels to trade with.
  7. ES Price Action Update for Friday October 2nd.

    ES gapped down on the open made a low at 1015 then drifted up from there and found resistance at 1026 before closing at 1022.

    The price action today was consolidatory in nature and confirmed the break of the 1029 pivot to the downside. Bulls couldn't get much going and the price action consolidated the move in the indices lower this week.

    The 1029 - 1041 zone now defines a strong resistance zone and any pushes into that zone are shorting opportunities. Only a close over 1041 will put the bearish case in doubt.

    For next week odds are firmly to more downside with the levels to watch and target being the 985 - 992 zone. Very favorable odds of testing these levels next week.