ES_F 1095 - http://pic.gd/ec4533 - Measured move, S/r , fib, retracement, is expected to be a key level on the ay down.
Archive for the ‘ ES - SP500 Emini ’ Category
$ES_F Trendline from November lows&s/r level at ~1100 , below backtest of previous channel and 200ema hrly likely - http://pic.gd/77c3a4 $$
few interesting thigns worth noting on the dailys after todays session:
- Trades above previous rally highs on 2 consecutive days and failed to close above
- Today’s candle closed below the low of the high candle (say that 5 times fast), thus triggering a sell on the daily’s.
Here are some levels to be watching on the hourlys:
Resistance is the higlighted area - 50% retracement form today’s high, will update on the level later depending on what final low is made.
Support levels are highlighted:
- trendline + 200ema hrly + 38% retracement of recent move.
- 50% retracement and volume cluster
- 61% retracement and previous s/r band
- backtest of trendline that has been previously respected several times.
Will update when new technical developments take place.
Hourly chart is rather self explanatory, will be watching following trendlines and fibs, key levels are highlighted:
Also note a boji daily candle ( obviously, its a term for backtest Doji :-P ) on the daily chart. Another thing worth noting is that market has worked off some oversold conditions and considering the candle formation and put/call ratio have to favor downside slightly, but as always will have to listen to market for clues.
Thats about all as far as key levels. Most of this stuff I tweeted about live on twitter, aka Backtest / fib resistance levels and some other stuff, so if you aren’t feel free to follow @esecfutures (while i might dissappear for a month or two again, at least you might be able to catch me on a lucky guess day)
Some review (in case you missed some of the tweets)
After that target was reached, target of the intraday double top and 50% retracement from the bottom of the move lined up in 1042s (see hourly chart, we are currently stuck at it overnight)
Good trading to all
Thanks to all who have emailed, commented and tweeted to me, everything is going better, hopefully I will be back full force “soon”
Dollar put in some new lows today coming within a dime of the bottom of the channel posted in last night’s update. Here are short term levels to watch to possibly start building bullish case:
Firstly 1019 and then major 1014 retracement and s/r band. Below would be looking for those trendline to act as support.
Good trading to all
dont forget we get to deal with the pleasures of rolling over the futures contracts for indexes and fx futs this week.
unfortunately there are not many clues from Mr Market these days, will have to be watching Dollar closely as well as see what happens with all the news this week.
ES/SP500 continues to be in the wedge, with top of the wedge resistance being about the only thing I see in the way of retracing 50% of bear market… (and yes , sentiment and various internals are at extreme multi year levels… but that doesnt seem to matter at this particular moment)
To start building a bearish case ( a dummie mission of late) , will be watching higlighted support levels.
Will post key technical levels and market internals via @esecfutures on twitter intraday.