Monday, April 13, 2009

ES 4/13

ES Daily:
Looks pretty straightforward to me. The expectation is that price should go up to 870, then 930. Along the way there would be some profit taking - in the absence of surprises (keeping my fingers crossed), we should see price hit 930, then retrace to form a higher significant low at 800, maybe even 740. In the event of a surprise, we're likely to see a reversal back to 662 low.

ES 15min:
Looks like ES is attempting to close gap and test 854.5. If it succeeds in doing so, more buyers are likely to get on board.

Should the opposite happen - we'll have fib 161.8, fib 132.8 and fib 100 as support from where ES could bounce back up to test 854. Scenario 2 is likely to freak some buyers out. Lots of bear traps too.

Game plan:
Play by ear. Where ES is now is tricky for me.

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