HOW OUR DAY WENT:
The drop to our 1041.50-1041.00
support was bought and the bounce to our 1048.50-1049.00
resistance was sold. The drop off of 1049.00 was an
easy grind lower and met our 1038-1037 support/target
shortly after noon. After a small break of 1037, the ES
quickly turned up and we got the reversal that was
anticipated. The bounce for the ES then barely poked over
the 1042.50-1043.00 updated resistance and pulled back.
Members were told that "the 1040.50-1039.50 area should
[hold] if the market is out of trouble" and after a dip
to 1040.75 the ES ran up 4 points to 1044.75 in the last
hour. The market acted tired so an instant message to
the group saying
(Sep 25-15:12) mike: if another pop up, its a sell as
soon as upside stalls out, upside has lost momentum
The 1043.75 level was rejected 3 times, then the ES
dropped 4.50 points to 1039.25 with 15 minutes left
in stock trading. We nailed today's 1049.00 high, were
ready for a reversal from the 1038-1037 area, and sold
short with 30 minutes left, ending a good week with very
good reward/risk trades.
Good Trading,
Mike Reed
TradeStalker.com
Tuesday, October 06, 2009
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