Isn't this obvious? Support looks like 1205 going into the open with heavy shorting at 1230 area that takes ES sub 1200 at 1180ish. The move to 1180 I imagine is going to be quite ugly. This market needs a 10% flush over the next few weeks to bring in buyers. Stay away! You will be churned to death both long and short! Volatility is not going to be what you think it is going to be. The bulk of the moves are pre-open gaps so taking home positions is a crap shoot.
intra day volatility should be fantastic.. I would be short on rallies and loosen stops.. .. I WILL be FLAT at the close
no offense but how can you see anything in the overnight session? Except that there is a lot of selling going on
It isn't as bad as it appears for *today*... the bulk of the move down has been set. I expect morning session to be biased up and quick nasty 20-30 point dumps to occur throughout the day. I also expect a sell off heading into close. My suggestion is don't holder anything over night. This is pure daytrading here... play the ranges I stated above and expect breakdown below 1205 later in the day. We heading sub 1180 area imho and for the *week* this is going to look like carnage.
Generally a "gap" is the difference between open and previous close, not the low/high. Strictly speaking there's a gap every day; it's a matter of how big a gap is "interesting".