HOW OUR DAY WENT:
Yet *another* day where the market obeyed
support/ resistance. The ES opened higher then reversed from
1 tick over the 1096.75-1097.50 resistance, and it drop to
the 1085.25-1084.50 support zone and bounced. The updated
resistance at 1090 was rejected and the move was trend down
to 1074.25 before lunch-time trading. The break / hold over
1081 kept the new uptrend intact to 1085.25. Old support
turned resistance, and the reversal set up a drop to 1078.50.
The rally from there took the ES to the 1088.50-1089.50
updated resistance, reversing fast from 1088.75, setting
up a drop to 1078.75 in the final minutes of trading.
Good Trading,
Mike Reed
TradeStalker.com
Thursday, February 04, 2010
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