Afternoon Take $ES_F 10/25/10

This morning the market tried to find sellers, as expected it failed. If you believe in economic releases moving the market, we had some good news and did rally off. We filled the gap at 82.00. The market seems to be holding the 200 MA in the 3 minute which is slightly down at 80.48. 83.00 has been an area of resistance and if we get a strong close above, look for it to become support. The market needs some catalysis, we have been in a 2.50 point range for a couple hours. Riskier trade is probably to the downside. If we get above 86.00 we have a chance to challenge the the top side of range projection of 1198.75

From earlier:

We have a gap above at 1182.00. Overnight range is 1184.25 to 1177.25. Yesterday high was 1193.00 and low 1180.50. There is big talk about the dollar and its correlation to ES, so be aware of that. Yesterdays double top on the highs was a screw job. People trying to buy the break out got beat up and it also got some people short. I think they are getting people short to provide enough energy for us to move higher. Range projection 1166.75 to 1198.75. Good trades to you.

Releases and Speakers

1:00 PM ET 2 yr Note

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