Today's Trading Recap: 01/29/10

HOW OUR DAY WENT:

The ES rallied to the 1092.50-1093.00
Resistance Zone in the first hour, and looking to short
early strength, that made a great reward/ risk entry. The
move stalled out and reversed and dropped 15+ points to
1077.75 by noon (we had updated Support at 1078-1077).
There was a bounce off of that level, but it stopped right
at the 1084.50-1085.00 updated resistance and fell 6.75
points to 1077.25 Support and bounced... right to the
1081.50 Resistance. So much for a double bottom, that
Support broke on the 3rd try and a 14 point drop to 1067.50
followed. That was at the last target / support for today,
the 1068.00-1067.00 zone, and a that gave a 7.75 point bounce
but the closing bell is all that could stop the bleeding on
Friday.

Good Trading,
Mike Reed
TradeStalker.com

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This publication's primary focus is trading the index
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