Trade and Commentary Wrapup - 20080605

09:33 Toni: both ES and NQ are coming off highs premarket that were at the resistance of yesterday's highs

09:37 Toni: NUE on upside breakout watch list
09:37 Toni: some good daily action
09:45 Toni: NUE not holding up
09:50 Toni: NUE recovering so will keep it on watch list
11:42 Toni: NUE resistance at 80

09:42 Toni: MT on upside watch list

09:43 Toni: oil stocks recovering a bit today

09:44 Toni: ADCT on upside watch list
09:44 Toni: you already on top of that one
09:44 Toni: futs at resistance freom yesterday afternoon highs

09:46 Toni: hmm.. futures rallying but not much for morning gappers action

09:50 Toni: NQ back at morning high

10:16 Toni: EOG 5 min "D" setup for upside potential
10:23 Toni: i got stopped on EOG

10:18 Toni: ES closing in on prior 15 min highs from tuesday
10:19 Toni: futs resistance here
10:42 Toni: futures holding quite well off the 15 min resistance

11:01 Toni: CF wide range base at highs
11:34 Toni: CF from 145.5 breaking hitting some wohle number resistance 147
11:42 Toni: CF 148 next resistance zone

11:03 Toni: MTL base at highs
12:22 Toni: MTL slow....
12:23 Toni: resistance just under 55

11:10 Toni: futs coming into first support here
11:10 Toni: 1990.75 ES

12:04 Toni: ES hitting next resistance level
12:05 Toni: 1396
12:15 Toni: 12:15:25 Market Alert: indices 2T on the 5 min
12:15 Toni: 12:15:28 2T: This is the reverse of a 2B and is a form of double top. For more information on this setup, please see http://www.tradingfrommainstreet.com/techanalysis.html#2
12:17 Toni: for the past two days the market has rolled over over noon with 2T setups
12:17 Toni: that makes me a bit more concerned this time
12:17 Toni: since larger market action rarely repeats three days in a row 12:19 Toni: in this case the action is morning upside with some strong pops, rollover midday with double tops and 2T and such and then sharp drops followed by a bounce into the close
12:19 Toni: i do not expect the afternoon to repeat the afternoon from the last two days
12:28 Toni: 1399.5 is next ES resistance
12:28 Toni: and 2058.5 NQ
12:33 Toni: market never bothered with the 2T trigger.. can see it has been working to break the pattern of the last two days as i said
12:33 Toni: this would mean that higher odds it will try to hold up this afternoon
12:33 Toni: so will want to be less aggressive on shorts
13:06 Toni: market keeps acting like it wants to roll over but i dont trust it to
13:40 Toni: well.. i tried the NQ long but got stopped on flush
13:40 Toni: i know this thing has room to move fast
13:46 Toni: i know momentum is shifting larger time frames
13:46 Toni: so this bias of mine is because of the trend and not the momentum
13:47 Toni: usually momentum rules, but there are many times the trend does
13:47 Toni: will see...
13:54 Toni: figured a pop would have come on that two wave pullback
14:02 AoN: can we see the mkt rolling over here TOni?
14:04 Toni: well.. was not planning on it so not sure because its certainly starting to try to roll over anyway
14:56 Toni: can see how the market is not repeating the action from the last two days even though it tried.. instead looking to still hold up
14:57 Toni: this is next futs resistance from the earlier congestion
15:11 Toni: ES into resistance
15:12 Toni: NQ 2058.5 is still next level
15:13 Toni: this rally.. its because so many people started thinking the market was gonna repeat a third time ... trapped em
15:16 Toni: both levels holding
15:18 Toni: the strong momentum is going to make corrections overall more difficult to get going
15:18 Toni: so slower
15:18 Toni: more choppy

14:10 Toni: MATK 5 min avalanche
15:11 Toni: MATK has to hold here
15:36 AoN: finally MATK
15:36 Toni: yeah
15:36 Toni: first support here
15:36 Toni: 35