Trade Wrapup - 20080501

10:00 Toni futures resistance in here, premarket ES highs
. NQ 15 min 20 sma intraday. also monday highs NQ

10:05 in the ES 1387 is support, while 1938 is NQ support
momentum needs to shift again
the enxt resistance levels are 1393.5 ES and 1950 NQ
11:06 the 1393.5 level on the ES is hitting

10:31 ES has 800 tick 2T trying to form (1391.25)http://www.tradingfrommainstreet.com/techanalysis.html#2
10:42 here is first support level (1389 trading, low 1388.5)

10:55 nasdaq continuing to dominate.. its back to yesterdays highs here

12:25 market coming off some fib resistance here btw

12:49 russell 2k is closing in on the week's highs

12:56 ES hitting yesterday highs
12:40 geez.. this market non-stop

12:58 ok gang... gonna put my neck out here now but we should have seen the end of the strong upside now today... even if it continues it should just cree with chop predominate the rest of the afternoon. 13:00 ET correction period is hitting

14:30 market is doing that correction we were looking for this afternoon... can see on the 15 min how the pace has rolled over... more range.. more difficult for buyers
started 15 min later than expected.. but same idea still in play now
energy and oil and such are now taking over on the gainer side while rest back off

14:54 ES double top action 800 tick
15:37 ES double top moving on cont with avalanche... bit of support in here

15:00 MGM base at lows