Today's Trading Recap: 09/15/09

HOW OUR DAY WENT:

We came into Tuesday looking to short
early strength when the upside fizzled, and the ES reached
1047.50 just 16 minutes into the day and then dropped to
the 1038.50-1038.00 zone before the first hour was over.
From the 1038.25 low, the ES rallied to the 1049.50-1050.25
zone. A 1-2-3 top was made off the 1050.00-1049.50 levels,
and the ES dropped to 1046.25 before turning back up. That
was just over the 1045.50 updated support, and then one
last sprint higher followed. The move stopped right at
the 1052.00-1052.50 updated resistance, then reversed and
sold off into the close. No fancy indicators, but knowledge
from a 27 year veteran of the market used to give the key
reaction areas consistently.

Good Trading,

Mike Reed
TradeStalker.com