HOW OUR DAY WENT:
The market gapped up on Wednesday and
rallied for 30 minutes to 1161.50, just under 1162 resistance,
and then a drop to 1158.75 followed. We were looking to sell
early strength when it was reversed. That pullback was over
updated support and the market went into trend-up mode. Then,
around 1:35pm a parabolic move to 1165.50 reversed, and after
a 2 point dip the 1165.25 was tested. The reversal from that
lower high triggered a 123 top entry at 1164.25 and the ES
dropped another 8.50 points to 1157.75 with just over 30
minutes left. That was 1 tick over the early low and a bounce
back to 1162.00 resistance was tested at the 4pm close for
stocks.
Good Trading,
Mike Reed
TradeStalker.com
Friday, March 26, 2010
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