Jul 232010

The ES reached our first 86.50 / 87.75 long area pre-market.  After the open it pushed down into our second 85 / 86.5 area and provided a good long trade opportunity which I marked in the chart below.  Today was a very tough day to determine market structure and I still do not have much confidence in the area between 79 and 85.  Be careful if the market pushes down below 85 and wait for the bottom of the area or for the market to better define the volume profiles in the area before considering long fades.

 Posted by at 9:57 am

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