Trade and Market Commentary - 20060503

09:50 Toni: futures sandwich between 5 min 200 sma support all sessions and 30 min 20 sma resistance all sessions

09:54 xeno: leh is a done duck
10:00 Toni: yeah.... LEH followed through but took until today

10:02 Toni: futs popping on factory orders data
10:02 Toni: hitting first resistance here
10:02 Toni: also have futs fib resistane
10:02 Toni: ES 50% retracement
10:06 Toni: futs second resistance

10:04 Toni: CF, MOS and AGU from yesterday on the daily upside breaks are still going
10:05 Toni: ipi turning back orth

10:47 Toni: indices are hitting the lower channel from the uptrend... ES has three highs so wont be likely to see a new high off this support

11:16 Toni: morning highs zone is futs resistance
11:18 Toni: indices have 2T potential
11:38 Toni: futs doing a decent job of holding prior highs... NQ was withing a tick
11:38 Toni: this is first support with 5 min 20 sma
11:55 Toni: futs initial support held well.. ES going for double top/2T or so
12:26 Toni-awa: ES going well off 2T setup
12:26 Toni-awa: NQ still holding double top
12:26 Toni-awa: 15 min 20 sma is support
12:26 Toni-awa: nice moves....
12:27 Toni-awa: fist bit of support showing here
12:28 Toni-awa: 1389es 2018.25nq
12:30 Toni-awa: market does look lower to hold correction into the afternoon so would watch for 5 min cont setups
12:45 Toni-awa: 12:45:43 Market Alert: ES hitting 15 min 20 sma
12:45 Toni-awa: for those trading the 2T this is a good place to take some off
12:46 Toni-awa: NQ is coming into prior 15 min lows for those that took its earlier double top also
12:46 Toni-awa: very nice action off these larger time frame patterns today
12:59 Toni-awa: NQ also at the 15 min 20 sma now
12:59 Toni-awa: support
13:28 Toni-awa: getting our cont in the futures... nice break
13:32 Toni-awa: NQ hitting 30 min 200 sma
13:33 Toni-awa: this is next support off that 2T double top in the indices
13:39 Toni-awa: ES making a run for yesterday's lows
13:49 Toni: heres that ES support at yesterday lows
13:53 Toni: sure is a wicked move....
13:53 Toni: not going to be any fast relief for this
13:55 Toni: NQ hitting yesteday lows
14:21 Toni: ES coming into last week's lows now
14:22 Toni: ER finally made it to mondays lows
14:22 Toni: hitting that zone here
14:30 Toni: this is the 27th lows on the ES btw
14:35 Toni: this is decent larger term support so will see how it holds
14:36 Toni: last lows ES on the daily
14:36 Toni: and 22nd highs in the NQ

15:02 xr3: LEH denial of borrowing from fed
15:03 charlie: that should pop it
15:04 Toni: popped the market anyway