April 9 2010 ES Prep Posted

Price is sitting at highs. Premise for this morning is to see if 1186.25 minor resistance holds or not. I am anticipating an extension attempt. I will be looking for price to pull back to 1182.50 potential inside support. If this holds, look got drive up to new highs and attempt to push to 1200.00. If price extends beyond 1190.00 then comes back to test 1182.50, the potential inside support will be invalidated and likely not hold. If there is no inside support, I will look for a correction down and test of 1172.50 inside support. I there is a major washout at the highs and price moves down, my overall target will be 1159.50. I am focusing on the move up until proven otherwise. I will look to initiate longs off 1182.50 and 1186.25 congestion. I will look to initiate shorts it price extends 1186.25 past 1190.00 area and comes back inside 1186.25 or if price tests 1182.50 potential inside support without extending the current price area (1186.25) and inside support does not hold.