Friday was not an easy day to trade and there was a lot of chop in the middle of the day. Despite the lack luster price action, the Scenario and Key Levels played out pretty well. I estimated a 9-12 point reactionary swing at the NFP release, and the Low to High on the NFP reaction came in at 8.25 points. I also mentioned that the IB High/Low is typically set very close to the cash opening price. On Friday, the ES regular trading hours open was at 1134.50, and the IB Low was set 15 minutes later at 1132. We got a strong rejection of the 1132 area, and price ended up retracing up and closing in the Initial Resistance Zone. The fact that this market rallies on bad news should be a tell tale sign of a bull or at least bullish market.
ES 5-Minute Chart for 01/08/10 Includes Overnight Globex
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