Wednesday, September 9, 2009

ES futures overnight, key pivots

1019 continues to be an important support level. It was tested on Tuesday 10AM and again on Wednesday 2:45AM and 3:30 AM and has continued to hold. Resistance levels are 1025, 1027


Right now, the ES tested 1019 and bounced to 1022. ES 1022 is important pivot, so I'll be checking back later to see if 1022 micro R holds ES down or breaks higher. ES is right at 1022 now. The stoch and rsi suggest a break higher of 1022 to 1027 IF the RSI violates higher it 60min downtrend line around 60. Last RSI is 52. If RSI stays under 60 then lower prices are indicated. The 15min chart shows the potential dev of bull INV Head Shoulders if ES stays over 1020 for the next hour.


Scenarios: I realize the numbers are close together. These represent the multiple layers of mini support and resistance. Key numbers are 999, 1007, 1018, 1022, 1027, 1039, 1044


Bullish: ES over 1023 implies tests of 1025, 1027, 1028, 1031, 1033, 1039, 1044


Bearish: ES under 1023 implies tests of 1019, 1016, 1012, 1007, 1004, 999



* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".

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