Today's Trading Recap: 07/27/09

HOW OUR DAY WENT:

The market "traded by the numbers" on
Monday. The market opened lower, and the ES immediately
popped up to 976.25 and fizzled before another drop. The
ES fell 3.50 points to 972.75 (the 972.50-972.00 initial
support). Able to hold the initial support, the ES ran up
to the 979.50-980.25 resistance zone. That zone was easily
rejected, and after a little double top was put in place
from 979.75 high, it started a 10.75 point trend-down move
to a 969.00 low (969.00-968.75 was the second support zone
listed) before turning back up. The bounce took the ES
6.75 points higher to 975.75, right at the 975.50-976.00
updated resistance zone, and it made a little double top
before selling off 5 points to 971.75. The ES rallied to
978.25, then pulled back. Then the last of 7 intraday
updates was sent telling members that a pop to a lower
high that reversed was a short, and the ES reversed from
977.75 and fell to 974.25 before the rally into the close.

Good Trading,
Mike Reed