Trader's Daily Notebook: The Line in the Sand

Having declined for the fourth session in a row, the E-Mini S&P 500 futures (Es) are now approximately 1.4% beneath their 2401 intraday high from March 1, and 1.1% beneath the record close of 2393. But is anyone really all that concerned? 

Daily S&P 500 Futures Volume Profile
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The only thing that stands out to me on the daily Es chart above is that the contract closed beneath the eight-day exponential moving average (EMA) for the first time since early February. Unfortunately, the intermediate and higher timeframe participant probably doesn't even monitor such a short-duration moving average. Realistically, the only folks concerned by a break of an eight-day EMA are shorter timeframe traders. Traders like us! ...554 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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