9:15 (CT) A successful test of supply: Price hits a low and backs up a bit and smart money want to see if there are more sellers before they mark price up (less resistance). So they first mark down the price very fast to scare little guys into thinking it is selling off. Once they see no big sellers they will mark it up so fast that noboy can catch it and the price return to previous level often left a long tailed candle in the process. Now they are ready to move it higher! When u see this .. u jump on the train with the smart money!!
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Yesterday's Fed's minutes provided Wall Street with a much needed excuse to scare 小散 by introducing volitility. Today's trading is a good example that individual investors need to take a long term view of markets. Day trading is a dangerous game for pros and seasoned traders only.
Buy on any weakness to lower 1780 zone. ES is setting up for a bullish move above 1800.
Good Luck!
S&P500 future (ES) chart (11/21/13)
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