Tuesday 4-7-09

3:18P.M We ripped above the 89 line, it ended up being a bull trap and turned right around at 819.50. We seem to be in a bearish rising wedge on the daily chart, as well as the stochastics coming out of overbought territory. I have a feeling we are going to work our way down to a decent retracement that could be bought, if one were bullish. If this pattern breaks I will be getting crazy short.
The second chart shows how we were contained by tomorrows pivot in the final minutes of futures trading. This is bearish and I may be looking to sell the pivot. What gives me pause is that the bulls did hold Mondays lows of 810.75, but if we break that we will also be breaking out of the wedge...either way it looks bearish for right now.





2:38 P.M. the Main 89 line (yellow line) has pretty much contained price for the entire session. We have been trading between the main and exponential (white dotted line)MA's for a while now. If we can break that and get some traction as well as stay above tomorrows pivot (est 816.50) things will look bullish.



1:28P.M. Gotta love those 15 min ambushes. The purple lines are the ambushes, I drew them last Thursday and they have been spot on! For more information on how to trade "ambushes" go to www.eminiaddict.com nothing else on the net compares. Also check out www.esecfutures.com another great site!



8:00 A.M. Market profile chart...courtesy of subq.Still watching yesterdays lows to see if we can break through and get that 1/2 gap fill I am looking for after the open. I will be looking to short that...be ware there is a long term AL @ 813.75 <779 - 848> that may offer some support.



7:02 A.M. We have fallen in overnight session below the previous days low. This should act as resistance. I will be looking for a 1/2 gap fill as an opportunity to get short, if we pass 1/2 gap fill look to the PP for resistance. Watch 834 for short covering if we get there.