But haven't we already neutralized that zone (or is my data acting up)? Let's take out that 900! http://www.charthub.com/images/2009/06/21/Untitled_27_2.png
Nirav......I still think there are some buyers of that zone remaining, and I will watch that area on any retest for at least one bounce before any potential breakthrough to the 876's
The primary delta zone of support for our current range of price remains at 876's to 872.75.......we will probably get at least the one bounce I mentioned with price returning to 903.00 - 899.25 zone. The evidence does show this zone of inventory has been negated for the most part, so I do agree with the point you are making.
I did the interpolation myself and came to 903.1250. I solved this dilemma by switching to the pit traded contract and set it at 903.10 I finally have one up on you bud. I screwed you out of 0.10 JW
Sounds good........in the mean time.......BOMBS AWAY!!! .........as the market is magnetically attracted to the 876's!!! :eek: Market just traded into the 896's here so we are only 20 points above the very important delta zone of support at 876's to 872.75. I did feel Monday and Tuesday would be key days to watch for this move to the lower end of the markets current trading range. We will have to see if by Wednesday's cash session we will be parked at the lower delta zone and ready for the big test. All that selling of the bounce off the 899's the past days has worked out exceptionally well for those sellers to this point......they nailed it!
Great day so far! http://www.charthub.com/images/2009/06/22/Untitled_24_2.png http://www.charthub.com/images/2009/06/22/Untitled_24_3.png
And as a result of the zone you show ALREADY being neutralized, that area offered very minimal support as price has traded through to lower pricing levels.
A good trend-following opportunity there to board the SHORT train just after the cash session open! http://www.charthub.com/images/2009/06/22/ESCD_Sep.png
Friday gave DD (delta divergence) the respect it deserves in a textbook example. You would have a short trade open at 922.75 (~8AM PST) and a long trade open at 911.75 (~11:30AM PST). Both would be in the money at 12:45PM. At that last pivot before the close (~919.00), DD is -30k... tells you clearly which trade needs to be abandoned and which needs to be leveraged to the hilt.