Saturday, May 15, 2010

ES Futures Friday Review 05/14/10

I wasn't able to trade the afternoon session, so the afternoon chart is a look back at what I missed.

In the morning session, the market was not able to close the opening gap and fell below the 05/11/10 pivot low of 1140.50. After 1000 ET, the market tested that pivot low several times but was not able to penetrate that price level, and we got a bearish $TICK divergence on the second test of 1140.50. The market then fell below the pivot low of the first hour (1132.25), which then became resistance.

The afternoon session had the market testing the first hour low and the morning low (1125.50). The morning low on several tests acted as support. In the last half hour of trading, the market gave us a nice 3-wave formation with a 62% correction that happened to be right at the morning low pivot. The market then retraced back and slightly beyond the VWAP Line.


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