S/R Emini Journal

For right now support has held. We shall see if it continues.

 

that 1332 level is a 50% retracement on the h to l

 

yes but today is the 10th day of trading which means that the nasdaq has closed lower 82 percent of the time on this day

 

here is my hourly chart, within a bottom channel right now, closure above 1338 and I will consider a long there.

 

That look like a reasonable trade to me as well. I might just take it with you. If you remember a couple of weeks ago when I was saying I could see 1340 coming up real soon I would want out of this trade right at 1340.

 

Actually, now that you reminded us, it is pretty close.

 

And I believe 1343 is more accurate but I think the 1340 could be a psychological number for me to be out and sitting on the side.

 

10:30 reversal anyone ?

 

I am watching 1337.50 to enter long

 

I was going over a few things this morning and this caught my eye:

30 day average range for the ES is at 11.20, lowest since April

30 day average range for the ES during the last two weeks of June was in the 18 point area

The good news????

Long periods of low volatility are followed by short periods of high volatility...we're getting "overdue" which will make momentum trading (break-outs, flags, etc) a little easier.