ES should see sub-1000 today

August 10th, 2009 9:37 am mylifemytrade Leave a comment Go to comments

First test of ES 1000 on Monday morning was rejected – the level held. As I type this, ES is again looking to test the morning lows. I believe that we should see an ES sub-1000 this time and then bounce around between ES 998 (= SPX 1000) and ES 1000 for remainder of the day, with a move lower coming into close.

2009-08-10_es-intraday-resistance

Most people are looking to go long on the next 10 – 15 point move down. This is when one should be short. IMO, the next move down will be more than a mere 10 – 15 points. First stop should be around 970 and then 935, most likely before August Opex.

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  • bob
    why does it have to drop?
  • When ES dipped below 1000, market accepted those levels. There was no impulsive move up on big volume to the upside. That is the first hint that we have lower values ahead. When ES dipped below 1000 for the 2nd time, values stayed there for even longer. SPX 1000 was not breached, as expected.... psychological values like 1000 are not breached on first attempt. It will be on the 2nd attempt (or there could be a gap down to under SPX 1000). My guess is that first dip below SPX 1000 will be pushed up... possibly the 2nd dip below SPX 1000 will stick.. and will take ES to 970 region over the next few days.

    IMO the move up towards end of the day was a fake make. The market action near ES 1000 clearly suggested that lower values lie ahead.
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