HOW OUR DAY WENT: The ES bounced in the esrly going but
the move fizzled/reversed after barely poking over
the 882.75-883.00 initial resistance zone, as did the
NQ and YM. With initial resistance areas rejected across
the board, it set up a very good shorting opportunity.
The drop took the ES to 866.25, just over the 865.00-
864.50 support, and reversed. That bounce failed at the
60ema and then fell to 865.25, just 1 tick over support
and then reversed off of that area and rallied 13.75
points to 879.00 before backing off into the close. So,
we got our 2 sided action, and had the high and low were
both within .50 of a resistance/support zone
Good Trading,
Mike Reed
TradeStalker.com
Wednesday, July 08, 2009
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