Tuesday, October 02, 2007

Plan for Wednesday Oct 2, 2007

Plans are useless, but planning is useful.

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ES Resistance @1559-1562
ES support @1542-1546, 1529-1534, 1516-1520

Weekly Pivot = 1534

Open gap @1529 (9/25)
Open gap @1490 (9/17)
Open gap @1467 (9/10)
Open gap @1450 (8/28)

So, it looks like the SnP500 eMini (ES) did turnaround on Tuesday just like how I mentioned yesterday. One other interesting statistic that I've noticed is that the 1st trading session of the month tend to be up days. In fact, the past 6 consecutive months have been like that. Even the 1st trading session in the month of August, when all that carnage from the SubPrime Credit Crisis was happening, the session ended closing up for the day.

Anyways, ES put in a harami pattern, or an inside day down. Though that does not mean a reversal is imminent, it does indicate that another big breakout day like Monday is unlikely to happen. I haven't played ES for a few days now due to the lack of volatility, but I might try and short near resistance tomorrow if I see a reversal occurring.

Other markets that I will be watching:
British Pound Futures:


Natty Gas:

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