17 Dec
#eMini Trading Levels
Posted in Intraday Analysis by Bob English at 11:25:26 Comments are off10:25 am EDT: The ES opened above the weekly pivot of 1096.50, but could not rally more than 3 points to 1099.50 before selling off at VWAP, which had lowered at that point to 1099.00. It is important to protect any profits in this low volatility environment. Though it has found support now at two ticks below the 1093.75 confluence level, longs are now aggressive. A return to 1097 to 1098 will be met with early trapped longs exiting at break even and program selling at VWAP, so this makes a natural short area. The problem is reduced volatility will make gains on shorts limited and the projected downside target for a range day has already been reached. If the ES can trade above 11098 and use that area as support, longs are no longer aggressive and move to 1102 to 1105 is likely. The 1105 to 1108 area is a place where new swing shorts will enter, so it is unlikely the ES will manage to trade above there today.



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