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[alex01]

Market Force: Mildly Bullish. Look for flat to lower openings and early drops to produce a mild rally today.
ESZ04 S&P500 E-mini Futures
Friday, October 22, 2004
Prev Day - SP
Range: 11.20 Value Area
Range: 5.20 TCF Key Numbers for ES
1,112.00 Pit Bull MA
1,112.00-1,111.00 Sell Pivot
High 1,109.20
1,108.20
Close 1,107.70
Open 1,104.00
1,103.00
1,100.75-1,101.75 Buy Pivot
Low 1,098.00



Trade Setup Summary for Thursday, October 21, 2004:
1) B@1103.00/S@1103.00 EVEN....

2)S@1102.00/B@1104.00 -2.00....

3)S@1107.25/B@1101.50 +5.75....

Recap of Thursday's Action:
Good Morning.

On Thursday our Headline Call turned out pretty much as expected but the drop came a bit earlier after the morning rally. Later in the session a surprise, strong 10 point rally off the lows put in at 1098.00 occured which was in line with our Bullish Market Force described in the Headline Call.

Here is how we traded the action live.

"We came in early today looking to get long for a run up to the 1108.00 area. We got long at 1103.00 and price began to move higher. Topping out at around 1105.75, they pulled all the way back to 1103.00 so we got out at even.

It was an early play that was meant to "run higher or die" type of deal.

Prices later drifted to 1101.25 putting in the Hour One lows. After slight run up higher and pullback to 1102.00 we wanted to try and Front run the Hour One low because if that got hit first prices could have dropped strongly.

We got stopped out at 1104.00 as prices started moving higher again for a -2.00 loss.

Our final trade based was based on the Hour One high as the markets took off and did reach 1108.50 finally. The Hour One High was 1105.75 and on a pullback off the higher highs I got MFO signals to get short which we did at 1107.25.

Targets lower were 1103.00 and then 1101.50 at the BreakDown. We got a nice squash lower and took profits near 1101.50 fora +5.75 on that trade.

I began posting extensively at that point about the NEW DAILY PROCESS we are going to follow to discover trades within very specific parameters. I have made a SPECIAL ASK MOHAN REPORT which you should have in your email now."

Today's Call & Briefing:
We are starting to close in on the Pit Bull 10 Day Moving Average with the gradually rising prices.

Thursday's rise off of the Mid session lows was strong but it is just some pent up bullish energy after 3 days down. Today we are expecting another up day which could probably run up above the Pit Bull at 1112.00.

On a flat to lower opening and an early run lower we would look for higher prices to occur. If we get a gap up opening and a fast, early rise then it will be more questionable if they can sustain the higher price action.

RECOMMENDED SETUPS TO WATCH FOR TODAY: Being Friday today tends to throw a Wild Card on the Poker table so we need to consider the Friday lower volume etc. in the later afternoon.

If we hit the Hour One low today as the first pivot then we would look to BUY that Pivot unless we get a Mega Bearish High 5 from an early strong selloff.

Watch for the 1-98.00 support to maybe get tested again. We have a Buy Pivot Target right above that which we would want to compare with the Hour One low.

If the Hour One High gets hit first today from a launch higher right off the open then we could be in for a more substantial up day. However any rallies that occur early have to be viewed with Caution on a later Friday after noon unless the High 5 is screaming bullish. Also look for prices to be holding the Highs for continuation higher.

Value Area: 1,103.00 - 1,108.20
Trade above the Value Area is bullish. A pullback early holding the bottom of the VA is expected to rally later in the session if not earlier.

Buy Pivot Target: 1,100.75 - 1,101.75
Watch for support here and below at 1098.00 with 1096.50 as stop/pivot target (-4.25).

Sell Pivot Target: 1,112.00 - 1,111.00
This is the same Pit Bull area and now the Sell Pivot target. If things get real bullish they could plow through here and stretch for 1116.00 but we would expect that to cap off any buying today.

10 Day "Pit Bull" Moving Average: 1,112.00
Trade slightly above the Pit Bull (up to 1116.00) and then falling back to the Pit Bull is a neutral type move.

We are still in the Sell Mode and expect prices to continue lower. Any bullishness shown today is expected to be Mild.

Pro Trader's Action
Look to stay on the Buy Side today especially on the lower early moves. Should be a mild up day and not too explosive.

However, yesterday's launch off the 1098.00 lows was powerful.

We will be waiting for the first hour to finish to look for a trade. Buying lower would be nice but we may consider getting aboard a BreakOut rally higher if the High 5 are kicking.

Good Luck today and I'll see you in the action. Mohan