The ES opened above 1030 our first short area into our second short area before rotating back down. On the rotation back up, it appeared 1032.50 was going to hold, but if finally wore down and price traded up to the third short area starting at 1033.75. Here a short mouse trap setup and then a big lots; either short would have worked. Once the stops started getting hit around 31.75, the ES dropped quickly down to the VWAP where it started finding support again. The ES wants to continue to trend upward for now. The 1038.75 area is an HVN area known in the Market Profile circles as a virgin Point of Control (POC). Watch that area, it could offer good resistance.
Update (2:45pm EST) – The first two support areas also provided a couple good long opportunities today:
2 Responses to “7/6/2010 Post Trading Analysis”
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NJ did you lean against 5495 and 3597 on bid side in Big Lot bar?
Definitely, those sellers pointed the short term direction.