19 thoughts on “Buy ES NOW tg=2558.00 st=2551.00 ts=15:50

  1. NQ & TF still have some smooth sailing to go, before they’re at their HODs. Not sure whether ES can hit target while NQ & TF are being drawn to their HODs. Pretty decent chance, though, only need 4 ticks more movement on ES.

  2. Reasons not to like the trade: today’s range already big. Lunch-time breakouts – lot of traders think they don’t follow thru. YM was the first to break HOD.

  3. Reasons to like the trade: 1 – last night’s news is probably washed out, confirmed by new range to the high side as of a few minutes ago. 2 – ES’s yesterdays LOD should attract price. 3- good chance NQ and TF won’t need to pierce thru their HODs b4 ES is at target. 4-slow steady price movement (“never short a boring market.”) 5 – ascending wedge on a lot of leading ES stocks, and index itself. 6 – ascending wedge on YM, too. 7 – TWO bits of bad news hit markets particularly NQ at 4:00 am US ET this morning (earners on a tech stock + Spain) – both’s effect could fade. 8 – looking at the dailies, consolidation would mean upward movement … and others reasons.

  4. wow – bid/ask hasn’t changed for 5 full minutes. Trading isn’t always exciting, I guess. 🙂

  5. Price broke above the morning high by almost 2 points. You’ll hear traders say that range should extend two points past the day’s range to portend more range expansion in that direction. (so they wait for that & then enter on a pullback.) I’ve never back-tested it, so I don’t know. If anyone has thoughts, email, me. 🙂

  6. I’m always leery of pops in the TF driving momentary movement in the other markets. TF obviously gyrates more than, say, ES, so it’s hard to know if it’s leading, or just gyrating. Anyway, ES just moved to HOD after a few seconds after the pop in TF, so it’s fun to watch the action right now. You never want to learn something based on watching just a few instances of market action; it takes hundreds/thousands of observations, I think, to know that you know something. Still, fun to watch & note.

  7. OK, we’ve touched HOD in the ES 6 out of the last 8 minutes. Conventional wisdom is that if it breaks HOD, it’ll pop up a couple ticks quickly. But, we’re in really really slow low volume action right now, so not sure that’ll happen right now.

  8. Looking at other big ES components. Ascending wedges everywhere. …. TF has retraced about 50% of the movement it made at the time it broke HOD. … All told, plenty of reasons to sit tight with this trade.

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