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  • What does the early sell off on the ES mean to you? 0 comments
    Jun 24, 2010 6:27 AM | about stocks: ES-OLD

    Yesterday traders were anticpating a level that never traded.  The ES has broken out of the mid term up trend and a series of measured moves have now begun to the short side.  In yesterday's trading session the continuation of the short was to begin at 1103.00.

    As you know we never reached 1103 before the bell and we sold off breaking down to new swing lows.  Even with the FOMC announcement providing a few fireworks to the upside it still wasn't enough to get us all the way back to our major short level.  So what does that mean going forward?

    Right now we have moved down in an extension and should we see those levels respected you can anticipate further weakness.  Our gap today is above us and should we fill that gap it would also simultaneously break the short term short set up.  Unemployment numbers are do out an hour before the bell today and they could provide enough good news to see us jump back to our Daily short bias. 

    For now there seems to be no slowing the slide.

    Disclosure: Short ESU0

    Stocks: ES-OLD
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