I didn't have time to prepare the Key Levels for Friday. The numbers I posted on the Blog were significant levels I remembered from last year (1103-1104, 1094-1095, 1086-1088). We had a lot of activity in that 1086-1088 area last year, and rotation in that area was expected. Personally, I didn't think we would go all the way down to 1088 on Friday. I was expecting 1100 to hold as support, but that's why the Key Levels and Scenarios are simply a preparation aid. The scenario is then evaluated against real-time price action during the day, and revised if necessary. For example, after the first hour of trading was in, I posted the following on Twitter: "Based on the current profile, I'm working with two scenarios. Upward rotation to the 1119s OR a break of today's Lows into the 1090s". If you're a regular reader of this Blog, I would recommend you follow me on Twitter as well. The Blog is used for preparation and review, and Twitter is used for real-time market thoughts. Following both will provide a complete picture of how I view the markets.
ES 5-Minute Chart for 01/22/10
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