Update Cash Close: Another professional gap with closing at the highs for ES. What is more impressive is gaping above and holding above big trendline on the daily chart. Wow what a week!
Update 3:52pm EST: more new highs, shorts cant feel too comfortable holding into the weekend after another week of false hope and magic rallies. Last high was not confirmed by high $tick fwiw, 7 minutes till cash close
Update 3:38pm EST: new high of the day for ES confirmed by new high $tick of the day, last 20 minutes of trading tick confirmations go out the window. NO reason to enter new positions at this point in time.
Update 3:14pm EST: Just had low $tick of the day, possible sign of trend change while at highs
Update 3:10pm EST: all trends still pointing up, previous resistance 848 acted as support, even though it is 50 pt move in last 36 hours, no reason to consider getting in front of this going into long weekend.
Update 2:52pm EST: new high no new high $tick on the day, all trends pointing up, no reason to go short here, a little late to the party to go long now. 67 minute to go
Update 2:39pm EST: new high tick on the recent high, broken though key resistance.
Update 2:38pm EST: retest of the high without new high $Tick , this is either a big time triple top or about to have a quick stop run and wait for $tick confirmation of a new high. Either way 80 minutes remaining in the session, be careful
Update 2:23pm EST: while chop continues and we await break from 840-848 range , watch something refreshingly original:
Update 1:15 pm EST: an hour later ES finally managed to break above 845 and now retest of the highs will be key to seeing if we fly higher, see screenshot below for expected resistance levels. THis is last pre-holiday trading day with Masters teeing off shortly, be careful.
Update 12:15pm EST: Euro has collapsed close to key support level rather quickly, will be watching 1.31!
eurokeysupport
Update Noon EST: as predicted 843.75 traded and bounced, breach of 845 would favor retest of highs. Support levels are still the same on the downside.
Update 11:50 am EST: considering 840 holds after putting in low tick of the day, 843.75 will be next level to watch on the upside for further direction. Support levels are still the same unless new high is made.
Update 11:28am EST: 45 minutes later ES is still in the ambush zone and has just tested the 61% line, 2500t trend is red, 100k is green. Next target 836.75 with intermediate support expected at previous low of 839.
83675
Update 10:45am EST: ES testing the first Ambush in 843.5 area with new low $TICK of the day, possible warning sign of trend change, if 842.25 is violated next target for high probability ambush entry is 836.75
Euro has just rolled over with target of exactly retest of 1.31 big ambush on the daily!
echs2009-04-09_1050
euro
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Update 10:17am EST: considering current high hold first aggressive entry ambush is 843.5 (also current VWAP) with highs probability one at 836.75 and major one at 829.75. All trends are still pointing up.
Update 10:12am EST: Currently have a double top on ES emini
Update 9:58am EST: ES continues to rip higher, only $1 away form globex highs, internals are still very strong, no low $tick to get in long, no sane reason to go short, just watching the action for now.
Update 9:50am EST: ES seems to be ripping higher, no reason to get in front of this, until any sign of roll over or trend change, shall this continue to rip here are next 2 possible resistance levels 858 and 870.
speminiresistance1848 previous Globex high is also pit R3
Update 9:32am EST: considering 844.25 high holds, first high probability long entry is at 835.
Good Morning Traders,
Looks like we had some news early this morning driving the furutures higher:
NEW YORK (MarketWatch) — Wells Fargo & Co. said Thursday it expects to report record profits for the first quarter of roughly $3 billion, or 55 cents a share. The projected numbers are after preferred dividends, including $372 million in dividends paid to the U.S. government, are taken into accountES is up 15.75 in the overnight session, trading as high at 839.5, with only 2 resistance levels left of previous trading hours only highs of 842 and Globex highs of 848, ES is also coming up on key resistance on the daily chart which happens to be at 841.5 on the daily chart today:
esdaily2009-04-08_16171
On the Euro Key overhead resistance is still at 1.3364 with obvious support in the 1.3220-1.3240 area, which has now acted as support on 3 separate occasions in last 2 days:
13364
Also, please remember that today is the last trading session of the week, so thin volatile trading is expected
Good luck and good trading
Vlad