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Trust the early move

Tuesday, 20 September 2011 08:48

I watch the S&P futures because I get to see a very liquid security that trades 23 hours and 15 minutes a day 5 days a week. By watching what happens in the overnight session it allows me to see patterns of market moves and helps me to formulate my thoughts before the actual 9:30 am open.

Early today, 6:05 am to be specific the ES Z1 (December Contract) made a quick move above R4 and then sold off into R3 where it resides as I write this blog. I have learned to trust these early moves and use a higher high to confirm. If I can buy near R3 then of course I can take the buy as one with a tight stop were it to break.

I see resistance in the 1215 to 1220 area today and 1265 longer term on a Weekly chart.