Posted on November 18th, 2009 at 11:00 AM
The MOB is a many splendored thing...
Awhile back, a friend of mine from New York asked me if I'd ever looked at the MOB levels from the overnight trading in the e-mini S&P. It was something I had never really looked at consistently, so, upon his request, I started paying more attention to it. He was absolutely correct, in that, many times, if we look at the MOB levels from the overnight trading's high and low, one of those MOBs will wind up giving us the high or the low for the following trading day! In SOME cases, it actually gives us BOTH! Taking a look at today's e-mini thus far shows this happening in today's session.
Here is a shot of the ES Z9 chart as of 830AM EST this morning.
As of the time of this post, 148PM EST, here is where we stand for the day.
As you can see, at least until this point, the MOB levels have established the range for the day. Even if we break out of it from here, the MOBs have done their job in giving us some key levels on which we can focus for the day's trading.
The MOB is a many splendored thing...
Be Prepared!
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