Thursday, November 12, 2009
ES EOD Wrapup
The bottom chart shows the last measured move up and the retracement levels currently in place, as you see we were holding the 23% retrace @ 1091.50's for awhile, but on an overextended move like this without a meaningful retracement, the 23% retrace's chances of holding are low. Later today we bounced off the 38% and are currently holding. It may look like we need to test the half way back 50% retrace though on this one to hit the -23% target @1115's.
I have a limit order now placed @ 1078.50's looking to get long for 1115 target and a 38pt gain in the Intermediate term.
On the short term I would wait until the open tommorow to see the strength/ weakness in the internals, as long as we don't have up trend like market internals it would be relatively safe to short into the rallies looking for the 1078.50's.