LET THE MARKET TALK

Yesterday, we were discussing sell off lows, and ES was at 1218.  Today, DING!  Hit and reversal.



[08:36] <CM> nice spike bar 8:30-8:35 est  
[08:37] <CM> used to trap orders in   now covering sends pa lower
[08:38] <CM> once out of the way  pros will move pa higher


[09:21] <CM> and like that, a nice +7 run x all
[09:42] <CM> before the reversal  :) 



[10:57] <CM> at 1218 an area of interest for the bull discussed y-day 

[11:01] <CM> reversal prospect at 1218
[11:02] <CM> 1222 key to ct reversal..
[11:03<CM> need at least 1 touch of ema 




The market opened with a nice BO long (BOTs removed today).  BO5 hit, then the market stalled.  Another short indicator was the failure of bars 3-5 to break the 50CB.  CB is the control bar (B2).  The bull needed to break that 50%.  The EMA short ran for +8 when a wedge began to develop.  It was expected to be a trend continuation BO.

PA moved to the 1218 area and stalled.  B18 was the entry (generally at base of control bar) or you would wait for the CB level at 1222 for a run to the EMA.  Since 1218 was hit, the larger wedge was bullish, and price was expected to BO long.

[12:44] <CM> last look meeting in the PM 1218 was reversal point discussed y-day. we are currently in a larger wedge (smaller prior was bo) larger will BO also bias long near term 1239-40