Today's Trading Recap: 08/26/09

HOW OUR DAY WENT: The ES went down to the 1021.25-1020.50
support, and from a 1020.25 low the ES reversed 25 minutes
into trading. The set up a trade on the long side, and the
ES sprinted another 10 points higher. I then told the
group that the 1032.00 level would NOT be exceeded if it
was heading down, and that allowed a very good reward/risk
opportunity on the short side (with a tight stop just over
1032.00). The ES sold off 9 points to the updated 1024.50-
1024.00 updated support. I sent an IM telling the group
that 1027.75 was a resistance/reversal area, the ES
reversed from 1027.25 then dropped 5 points to 1022.25.
A bounce turned into a double top at 1028.75. Members
were given the 1024.50 as important support and they
reached 1024.25 (twice) then bounced almost 4 points
before the close.

Good Trading,

Mike Reed
TradeStalker.com