DAY H&S GOOD FOR BOTS

AM RELEASE:  Over night bullish run off the BOT Range.  Currently selling inside the new range, stalling at the mid BOT.  With a strong bull bias,  I would not expect a break of the SB, but then that would be the surprise move.  Simply play what is offered and don't try to "guess".  If a new leg up develops, go for the 5/10 variety as we could see some profit selling.  Some of the ranges get people back in the "black" and they are likely to get some cash/ flip holdings.  Ranges good until next calculation.




ES      1202.75    1200.25    1196


NQ     2316.5       2311.75    2306


TF        692.8       691.8    689.8


YM      11455       11436      11403


6E         3794         3774        3740






After the BOT range was released, we saw a buy bounce at the SB for a long of the range run, only to find sellers at the Long BOT.  At the US open, PA had settled at the MB and close to the EMA.  At this point your in the middle of the buy sell groups, but looking at a slightly long bias.  At 1198.5 area (support)  you have a downside risk of 2.5 (the SB)  and an upside potential of +4.

The longs won, and the EMA remained strong for most of the day.  Most PBs were the MAXT/50CB variety in the early trading, with new entry available at the trend line or EMA as the PA hit BO5 and BO10.  We discussed longs (buying) around B54 and 55, with exits at 57.  Was not the HOD exits, but then we are not trying to capture every penny.  Too often, those that stay begin to pay.

Another PM MAXT/50  and a sell off range run to finish the day in an elongated H&S pattern.  An open to close dud, but we play the BOTs, and they prevailed.

another look at the overnight (see AM post)

ES TODAY