SELL BIAS & GAP FOR THE LONGS 9/3/13

[07:29] <CM> es today  47.75-45.25-42.75  swing short +4  long +5  1652-1638
[07:30] <CM> sb test and bounce as we speak...
[07:31] <CM> ema fbo more sell likely
[07:36] <CM> 50cb test at mb


The short bias developed quickly before the US open.  There was a nice 50CB BO for the longs but PA  was in a gap mode to the upper target.

The range run developed with a 50CB break of the mid level with continued selling hitting a BO5 from the SB followed by the BO-10.  Both the MB and SB 50CB levels were untested adding strength to the short side.  PA did settle and return to the prior BO level ( a look for rule) closing in the BO5 area.

 The gap was a lower risk short opportunity with adds at the MB and SB.  Certainly by the SB, with the EMA failure and PA EMA negative, traders should be looking for the short.