Today's Trading Recap: 09/28/09

HOW OUR DAY WENT:

We had reason to expect an oversold
rally, and the ES and NQ both took out their late Friday
highs and that triggered good buying. The ES first peaked
at 1057.00, just under the last listed resistance at the
1057.25-1058.00 zone on the ES. A pullback followed, but
it held updated support and the ES rallied to 1061.00, a
half point from updated resistance at the 1061.50-1063.00
zone, and reversed. After a 4 point drop to the 1057.00
updated support and bounced. An instant message told
members that the 1059 level needed to be exceeded and
held to avoid more pullback, and after that area was
reversed the ES dropped 3.25 points to 1055.75 in a
choppy move lower.

Good Trading,
Mike Reed
TradeStalker.com