Here is our support…
A little messy, but it appears there is support around 670 on the /ES
As you can see from the chart, the support at 670 is pretty messy, but it seems like we have a pretty good base of resistance building up in that area. On Friday afternoon we pierced down into the 665 range, but we didn’t get much farther then that.
The 670 level is further backed up a proprietary retracement level calculation that I use on the SPX(1105.55 -0.58). These retracements are awesome, I’d suggest you take a look at them – here.
So, a bounce off of the 670 level seems like a good play from an odds perspective. You can see my fib lines drawn on the chart to the left. There is a much better view of them down in the next chart, zoomed in with a bit of commentary.
This is the setup for the ES Trade. Recent price action and the targets.
The Trade Setup
As you can see from the chart on the right, this trade is setup nicely based on the fibs. My entry was a little late at 676.75, however I think there is a good amount of upside room here.
As with the trade from last night, I have my stop into the system and my trailing stop is setup to maximize profits, while minimizing losses. I’m still fairly new to trading the /ES so I don’t have a ton of confidence in leaving these open overnight without an entry in to close for a profit.
If you’re wondering, I actually use TOS charts for my normal trading platform as the Time and Sales data and Active Trader is awesome. I also have a few ThinkScript indicators included in my platform. I bust out prophet charts for the web as I think they are much nicer looking charting package and they are just pretty darn cool. If TOS charts didn’t integrate so nicely, I’d be a complete prophet fanatic.
