Monday, May 11, 2009

Getting Ready for the Market Day: Coiled Before the Market Open

Friday traded inside of Thursday and the overnight session thus far is trading inside of Friday, as we're coiled in a two-day trading range. The overnight low and Friday's low frame important support; holding that support targets Friday's pivot per the recent Twitter post. We've been making higher lows each day in the ES futures over the past week; I'll need to see the market decisively take out Friday's low before I become aggressive on the short side. Indicator review to follow later this morning, along with tweets during the trading day.