Click on chart for a closer look at today's ES Market. Volume was low for most of the day. I had my eyes on 1256 and 1259, in the afternoon. I was looking for a close below 1256 to go short, with good green volume, and I was looking for a close above 1259 to go long, with good green volume. The close above 1259, at the end of the day was to late for me to safely trade the market so I stood aside.
I drew some trendlines in today to help visualize the market compressing. If you would put some bollinger bands on the market you would see a tightening of the bands as well. This is set up to break one way or the other.
I read a report that 150 of the 500 S&P companies report earnings this week. I am sure there will be several surprises good and bad this week. So I am looking for some good action in the market. In any case, we will look for opportunities tomorrow to trade.
Good Trades,
David AKA Tiger
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