ES Journal Archive (2009 - 2010)

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240 min chart showing ES over SMA for last 720 min. SMA moving 860.00. Let´s see whether it can hold with "Bernanke´s support Senate hearing". :)
 
Quote from ASusilovic:

240 min chart showing ES over SMA for last 720 min. SMA moving 860.00. Let´s see whether it can hold with "Bernanke´s support Senate hearing". :)
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Bernanke and home resales at 10 ET. I want to see a bad number and a bullish market's reaction to confirm yesterday's bounce. Will see.
 
Not trading this week as I have something else important to attend to.

The measured move taking ES from mid-900 down to mid-700 area is a well known bullish pattern as long as it is a retest of an important low and bounce from there.

There are several variation of this pattern though,

1. perfect test - touch and bounce. Usually seen in junior stocks

2. slight breach and bounce. Common for large caps.

3. flush through and snap back, like a w. spring. Common for indices

Thus on a weekly basis, if the mkt can hold up above 760 area on a closing basis, we may get a rally that can last several months.

The hard part is that #3 is something that you cannot tell the difference from an all out break down. :)
 
Quote from tomahawk:

Anyone else see the possibility of a retest of 752.50 for right shoulder of IHS, if this is to be the start of any significant rally?
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absolutely, a possibility, it would be perfectly natural for price to seek confirmation of buying interest by printing and reversing in the 752.50-750.50 area, focus of support 751.75.

but if the boat is really loaded with bulls, price might not be able to get below 757.00
 
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