FRIDAY: MARKET KISS

Friday is keep it simple and sweet.  The BOT's helped to take care of both requirements.


TODAY:  ES AND 6E


click to enlarge

The BOTs were set in the pre-open for the ES and the 6E.  As with Thursday, we see another mid range element.


ES:

1. Early test of the long target that fails.  We look for failures on the ES first attempt.
2. SHORT.  We have a break of the mid bot, the EMA-, and we have prior lows at 1307.25 broken.  It continues, and we see new or add-on shorts at the lower, or short, BOT.
3. (not shown) but is the consolidation at the bottom of the bear control bar.  See prior discussions, but a control bar sets the stage for the post control price action.
4. LONG.  A failed reversal bar at the EMA which is a PB bar for the second bull leg.  I call these "resistors"  after the electronic versions.  A perfect resistor is the bar immediately after the control bar.  B11-12 held at the EMA after bulls hit the 50% level of the control bar.
5. Price fails the mid BOT and reverses.  Consolidating at the short BOT.  Works as an aggressive short,with stop at b16+.
6. LONG.  A HL for a bull TL with a MAXT.
7. MAXT at mid BOT.  Failure to reach long BOT is significant.  Aggressive short, better is at 8.
8. SHORT.  Mid BOT -, EMA-, bull TL - with stop above the 6.5 area.
9. Selling trend, EMA failed BO's.

6E:

1. LONG.  Unlike the ES, the 6E is more co-operative in entering the first attempt of a target.
2. SHORT.  long BOT reversal, plus an EMA-
3. LONG.  The short BOT failure.
4. LONG.  Mid BOT+ and EMA+ good for continued hold, new adds or new entry.
5. LONG HOLD.  When there is no clear challenge to the EMA+, buyers will hold and liquidate as the market rises.
6. EXIT WATCH.  Nice bull pop away from the EMA+  and a BO attempt on the narrow bullish channel.  At this point, guesstimate the 50% level between current price and the current EMA.  Set you stop.  Congratulations.  That would be approximately +125 from the long BOT.