|ES_F 1 min|
If you are quick with futures trading, meaning you lay out your orders head of time letting the market come to you; you can scalp a tape like the above fairly profitably. If you are not seasoned with scalping today might be a day to step back and watch the action play out.
As for today we opened with sharp selling off 1220 straight to 1215.50 followed by a four handle bounce of
fairly standard violence off morning lows. Surprisingly enough the 1219s we bounced to were sold back to 1214.75 where the final knife of the day was caught sending the market trending up in a megaphnish pattern up to 1222.
The overnight ES_F session opened with a bit a selling, this lets you know there are still traders looking to take some profits off the table at this level. The overnight low as of this post is 1215.75, remember a quick triggered buyer sat at the 1215.50 level intra day. In the overnight this level was defended pushing the market 4 handles higher before tapering back down. Because of this buyer, keep an eye on the 1215 level followed by 1212.50.
|ES_F 5 min|
UPside 1225 is the first line in the sand. The past two days 5 min chart shows a clear bit of resistance at our current levels, especially at 1225