Update 3:17 pm EST:
testing the top of the daily channel now
Update 1:50pm EST:
New lows, no new low $tick, if you were to play the box, the target of this trade is 774 (bottom of the lower box)
Update 1:33pm EST:
ES Box Trade anyone?
Update 1:19 pm EST:
ES continues to shop around the lows, watch for 1:30 pm EST reversal period or other miscellaneous Turbo Tax Timmy magic
Smaller time frames starting to turn up on the euro right above 1.31ambush, something to watch, especially if larger time frames follow, could get quite a snapback:
Update 12:21pm EST (Failed):
Fiat & Chrysler alliance news just came out, and ES is giving 4th try to reverse the trend, at least short term. Beware shorts
Update 11:51 EST:
at least gold is having fun:
Update 11:33 am EST:
catching the falling chain saw game continues for the bulls, looking for new low confirmed by new low $TICK, failed short ambushes and some time frames starting to reverse the trend. Euro is showing some strength while ES making new lows.
Update 11:11 am EST:
Obama speaking on Auto plan now, ES is pushing down on respective LRC channels on many time frames, suggesting the move is getting extended to the downside short term, will be watching for 15s, 100k share, etc to start turning green and some short ambushes failing
Also, EC/6E came within 20 pips of previously pimped 1.3095 level and seems to be finding support their art least short term
Update 10:12AM EST:
Looks like ES Emini is finding support at 23.6% retracement of the rally from the lows, and testing yet another ambush
Update 9:33 AM EST:
ES has gaped down out of the wedge
Good Morning Traders,
ES had a rather eventful overnight session trading as low at 789.5 or down 26.50 on the session and has broken through an ambush long at 808.5 and has found support in the 796-788 ambush area. Backtest of the rising wedge support would be right in the ambush short area from the highs of the move.
Euro traded down within 60 pips of 50% retracetment of its recent rally, anybody holding on to shorts should watch for that 1.31 level.
Good luck and good trading!