Thursday, August 30, 2007

Plan for Pre-Weekend Friday, Aug. 31, 2007


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ES Resistance at 1468-1472, 1480-1484
ES support @ 1433-1436

Open gap @1438
Open gap @1483.5

We had a trend day down on Tuesday, and almost a mirror image of that on Wednesday, so the bulls made their statement right after the bears.
Ok, so tomorrow will be a very light volume day, as most traders will likely take off for the long weekend.
The most volume will occur in the first two hours of trading. I can't see any breaks of the support zone, and a break above the resistance zone might be possible, although with the 50d EMA still trending down, it is also an unlikely scenario. There might be some support @1444-1447, but we might not get a chance to find that out, since the futures are trending up in the overnight session.

Probably tomorrow we might see a range bound day, and if that is the case, I will look for mean reversion plays.

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