Today's Trading Recap: 02/26/10

HOW OUR DAY WENT:

The ES opened at the 1103.50-1104.25 initial
resistance and quickly dropped 4.50 points to 1099.00 and
turned back up. A second reversal from 1103.50 then lead to
a 7.50 point drop from 1103.75 to 1096.25 before reversing
again. So, there was 12 points of potential opportunity just
from initial resistance in the first 35 minutes of trading.

The rally to 1106 was not played, but the pullback to 1102.00
was just over the 1101.50 updated support (along with 1814 on
the NQ) and the ES popped up 3 points to a lower high at
1105.00. That was a spot to reverse from long to short and
a pullback then held just over 1102.50 support. Then in the
last hour we were looking to short a reversal from the 1107-
1108 area. The ES popped up to 1106.50 and quickly reversed,
and then it dropped to the 1102.25 level, at the 1102.50-
1102.00 support/target, at 4pm.

Good Trading,
Mike Reed
TradeStalker.com

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