Today's Trading Recap: 09/02/09

HOW OUR DAY WENT:

We came into Wednesday wanting to buy
early weakness to start. The ES opened lower and went
to 992.00 (the first support under Tuesday's low was at
the 991.75-991.00 area) and reversed and rallied 6.50
points to 998.50 before reversing. The ES then fell to
the 991.00 support and quickly turned. That set up a
rally to 999.50 and the market backed off. Then new
resistance and support areas were given, and the new
998.50-999.50 sell zone was reached and rejected 4 times
while the new support at 995.00-994.50 area held 3 times
going into the last 10 minutes of trading, as the ES went
to 992.75 before the close.

Good Trading,

Mike Reed
TradeStalker.com