Today's Trading Recap: 02/05/10

HOW OUR DAY WENT:

The ES popped up to 1064.00 (key resistance
was at 1063.75-1064.25) and then they dropped 11.75 points to
1052.25 (we had support at 1052.25-1051.50). From there, the
ES rallied back to 1063.00 and fizzled, setting another short.
After a 12+ point drop to a 1050.25 low, I gave new resistance
at 1056.75 and that was nailed before the 16.00 point trend-
down move to 1040.75 on the ES and 1044.50 on the SP500 Cash.
That was just over the major support at 1044-1042 area, the
ES bounced to 1048.00 updated resistance. From 1048.00, a
3.50 point drop to 1044.50 reversed and when 1048 was cleared.
The group was sent an I.M. that the ES was good over 1047.00,
which held just before running up another 17 sprint to the
1064.00 key resistance at the 4pm stock close... That adds up
to 40 ES points *potential* on the short side, and 17 points
on the long side... quite a day to end a wild week.

Good Trading,
Mike Reed
TradeStalker.com

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