Update 3:45pm EST: Merill and Goldman are simply pounding ES in the SP500 pit. Next Support @791.25 – 50% ambush from yesterday’s low
Update 3:36pm EST: Who could have thought, made it right to the bottom of the channel and tagged the 796.5 level to a tick!
Update 3:15pm EST: ES is pulling back from the ambush zone, be sure to watch the channel, ambush and previous support at 796 on the way down shall we get there:
Update 2:40 PM EST: stopped out of ES short, was a high probability set up and got out B/E , today’s trend remains bullish (obviously since we are at highs). Last hour should bring some fun. Note that we didnt have a new high $tick on the last ES high, suggesting that new high is likely.
Euro is at daily ambush zone, watch that 1.3287-1.33 level for further direction
Update 2:22 PM EST: ES tagged 803.25 , sold my long and got a limited risk short entry, probably last trade for the day considering end of quarter/last hour magic that could take place. Living to trade another day.
Update: 2:02PM EST: Thanks for the trend for keeping me on the right side of this chop, euro has been very ambush friendly all day today. Key zone for ES starts at 803 as indicated in previous posts. Shall we break above 809, retest of the highs becomes very likely. After London close EUR action has slowed down, so we might be stuck in 1.323 – 1.335 range for the rest of the afternoon.
Update 12:57EST: Short target on the euro of 1.323 reached. Watch for a bounce there, this is key area for determining if we go back to the lows or back to rerest 1.335s
Update Noon EST: good thing to watch – support line of this wedge
Update 11:50am: Super ES chop continues, would like to see 803 or 786 for higher probability entry, trying to avoid making broker too happy in the chop zone (market in blue)
Current Trend suggests we see 803 before we see 786
Update 11:28am EST: Euro has just retraced half of todays down move at 1.3298
Update 11:07: watch for 1.323 support on EC/6E
Update 10:56am: Got a nice bounce on a short ambush from fridays trading hours only close:
Update 10:30am EST: ES is heading for new highs, once again watch for 796.25, 798.5 and major 803 ambush level on the way up
Also, worth noting is daily trend, considering we had a very bad day for the markets yesterday, today’s daily trend suggests rally resuming (target still 883), if we close about 15-20 pts bellow current level, that would produce second consecutive bearish candle, bearish signal
Update 10:25am EST: choppy, dirty ambush action in ES. Euro confluence has been front run by a few ticks, next resistance on the way down~1.3297 with 1.323 being 50% retracement from the low of yesterday’s move
Update 9:35am EST: please note that starting today you should roll over to M contract in GC, as that is now the most liquid contracts, GCM09
Update 9:18am EST , pre-open trend summary:
Rather bullish action overnight in world markets:
Market Trend Summary:
Both ES and EC trends are bullish right note, note how accurate Euro trend changes have been on the hourly/120minute time frame in the past several days.
Good Morning Traders,
ES Futures are up 9,5 this morning and Euro has worked it’s way all the way up first resistance zone (see Euro Rally Targets)
First ES ambush resistance is expected 3 points above here at 796.25
With next ambush at short at 798.50, and a bigger one at 803 from the high of this rally.
Good Luck trading today, don’t forget its the last day of the quarter, so we could see some interesting action into the close.