ES Trading for 10/15 thru 10/19 2007
This thread is for discussing the major financial futures markets for the week. ES is the focus with NQ/YM/ER2 also watched closely.
We have a selling tail above the old all-time, creating a a resistance zone 1579-81. We have some likely support from Fridays low near 1563.75.
We balanced at 1570.00 on Friday, with a low-ADX 15-min Bollinger Band Squeeze type of set-up.
2 potential types of plays I see here:
Go long should we get strong upward momentum off opening price.
Wait for the first bull/bear flag type of pullback following a strong impulse move.
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