Cautiously Bullish

ES04062013Looking at this chart the green box is my support and the red box is my resistance. Also the channel lines you see are holding support. With the employment report coming in this week worse than expected the market had an initial sell off. At the end of the day the buyers stepped in and brought this back into the channel. The candle pattern is a hammer which is one of the best turn around candle patterns.

I am going to be watching the 1555.50 area to see if it holds resistance. If we close back up here I expect to see the uptrend continue. If we break and close below 1525 then get ready to start loading up on the short side. In summary this is a tough area and be careful. Long Term Bullish, Mid Term Bullish and Short Term Bearish. Happy Trading.