S/R Emini Journal

Here is another look at it.

 

agree with you, but one has to watch out for bullish divergence on hourly, it's not complete yet, could be a rapid squeeze to 1328 IMHO.

 

out for the scalp to 11570, based on time rule.

 

I will keep an eye out for it. Thanks.

 

Here we go with ER2 again,, Non-responding to moves in the other indices.

 

Earlier I saw a new thread here on ET about that as well.

 

Looks like some big commercial player is unwinding big LONG positions.

 

Buy ER and sell ES.

 

They are "selling" the ER2 to unwind their previously held LONG positions.


BTW, for the ES traders.....1322.00 is a market profile level......until we see heavy initiated selling through this level it will hold.

NQ and YM made lower lows but the ES was held so far......these situations can build up tension over time.....keep your tinfoil hats on!!!

 

Volume seems to be slowing. I'm guessing we will get another trendline touch to the top side, then sideways, I'm having a hrad time considering going short at this point