The ES and SPX have so many conflicting signals and chart patterns right now. I spent a few hours drawing some different charts, and I don't really like any of them, so I'm not even going to post a chart tonight. I don't want to "force" a pattern where it doesn't exist. The patterns may in fact be there (bearish wedge, Head Shoulders), but because there is no clear pattern, I prefer to wait and see. The ES futures right now definitely show a COIL to me, but because so much can happen overnight with the futures, I'll just stay on the sidelines and observe.
However, the PIVOTS are still valid and that's what I'll be looking at, in addition to the RSI and Stoch and MACD.
The points in the post below about VOLUME still apply. Today was a low volume day again.
* 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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