|5 min ES|
In typical fashion the market meandered today between positive and negative territory with the median price being 1516. On the positive side of things you had the YM futures trade over 14,000 this morning placing a new high for the year @ 14,006 –
BUT that did not last long as the futures vommed all the way down to 13,920 before bouncing 40 points back to 13,949.
After the 1514.75 level we were watching earlier in the session gave way a new low line in sand for the ES was created @ 1513. No worries though….
…in keeping with tradition the spike low was bought up and we closed on a green note. note in the chart above how the price interacted with the pink line on the 5 minute frame. The SPX closed green by .06% @ 1520.33.
|15 min NQ|
Now take a look at the same NQ chart below but on a 4 hour time frame.. see how this line is resistance from the 5 year high of 2871.25 on 9/21/2012 ….. kinda interesting right? clearly below this line there is a hellacious amount of sell stops accumulated by home gamers.
|NQ 4 hour|