Today's Trading Recap: 08/11/09

HOW OUR DAY WENT: The last line of last night's update
stated:

"...the ES needs to quickly reverse if the 1001.75-
1001.25 zone is seen. If the market isn't strong enough
to hold that area, then bounces will set up shorting
opportunities as the market attempts to break the Monday
lows before turning back up."

The ES opened at 1001.00, popped to 1001.75, then turned
back down. That triggered a short and the ES went "trend
down" to a 990.00 low. The little bounces were shorting
opportunities until Monday's low was broken. The bounce
off of 990.00 failed at 994.00, just below 994.50 updated
resistance, then tested the low. Members were alerted that
a move through 994.50-995.00 could mean a move to the 997-
998 area then a reversal. The ES made a little double top
at 996.75 and then dropped 5.75 points to 991.00 by the
close.

Good Trading,
Mike Reed
TradeStalker.com