Today's Trading Recap: 02/22/10

HOW OUR DAY WENT:

The ES popped up to 1111.00 (key resistance
was 1111.00-1112.00) in the first 5 minutes and that was sold
and a 7.50 point drop to the 1103.50 updated support occurred
in the first 30 minutes on Monday. Then after a stair-step
move up to 1110.25 fizzled out, with the ES at 1109.50, I
sent an instant message to the group stating:

(Feb 22-15:29) mike: wedge like pattern forming, the NQ is
toppy, i'm small short that up here for a decent drop.

Not long after that the ES rolled over and dropped to 1104.75
just before stocks closed. The overbought extremes held the
market down today. A great trading opportunity should set up
in the morning.

Good Trading,
Mike Reed
TradeStalker.com

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This publication's primary focus is trading the index
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