The Key Levels and Scenario played out well with price consolidating in a narrow range all day. After six consecutive days of closing near the highs or at least above the mid-point and IB high, today (the 7th day) marked the first negative day with a Close below the mid-point. I'm viewing this as a pause in the recent Bullish price action. A Daily "Close" below 1100 would be a red flag for the Bulls, and a Close below 1090 could shift the control back to the Bears for a larger swing down.
ES 5-Minute Chart for 02/22/10
ES 30-Min Volume Profile Chart for 02/22/10
ES Day Session Volume Profile Chart for 02/22/10
No comments:
Post a Comment
At the minimum, please provide your name or Twitter handle when posting comments. Do not post as Anonymous. Comments that contain links to commercial websites will be marked as spam.