Today is January 18th 2012 and will be looking for “price rejection in S&P E-Mini in tomorrow’s action. It’s important to remain open minded still looking both ways during intra-day trading, but we could start to see cracks showing up.

Monday was a Holiday and so put us back one day into Wednesday being some form of a top in this market for the time being. This is only my opinion and I could be wrong, but Friday I posted that Wednesday would be the likely day we would see a top for the time being in this market.

We had one thing that did not happen, but many things that did take place in the price action leading up to this resistance area. Back in mid November I wrote on my chart the number 1308 and talked about that a few times since then. I can see in this evenings night session that we hit 1307.50 and pulled back down to 1302 where we ended in today’s session. The 1308 is very likely the intra day high for a 20% move in the index’s since the early October low’s of which I was very Bullish.

I won’t get to caught up in calling this market, but do think we will see lower prices coming going forward.

I have been a little preoccupied the last couple of days as it relates to my own trading and had two days of back to back losses. They were small losses of just a few S&P points, but felt no need to push it. Today, I did try and double up on size to make up for yesterday, which is not really a good idea, and the reason I cut today off short since I did not start off well. I have not had back to back losses in as far back as I can remember, but it can happen and that is part of trading. I did not want ego to get in the way and try and push it through to recapture a positive day when I was just not feeling up to it.

I have been starting the sessions to late, close to the N.Y. lunch and getting caught in the chop, both days. The early session had very good moves but slowed up as I came on. Usually that does not matter, but I just did not have it, especially starting off with losses.

The first trade of the day is actually very important and I am rushing into it to quickly, without doing proper analysis, again, all my own fault.

I will post my trades for the last two session below and wrap it up. I wish you all the best.

Today’s trades;

Tuesday’s Trades;

Related posts:

1. Price Rejection off of 1193, second attempt on Election day?
2. Today’s Early Price Action
3. Technical Analysis for Today’s S&P 500 E-Mini
4. E-Mini Nasdaq Trading
5. Listen to Price Action while Day Trading

Tags: Price rejection