$ES Bullish Bearish Neutral ??

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ES04252013I was asked a very good question last night at Albuquerque Market Traders MeetUp. Are you bullish or bearish on the overall market? See the above chart which is from left to right.. a monthly, Weekly and Daily of the /ES. This is the mini future of the S&P 500. I like to evaluate the monthly before I look at the weekly, the weekly before looking at the daily and so on. Looking at the monthly chart we are in a nice parabolic up trend. The weekly is in an up trend with a minor pause the last six weeks. The daily looks more sideways however it has bounced three times off of its support. Now we are approaching the resistance area which is on the daily chart above in red. If we get a close above this. I will look for the price to pull back to the top of the box, testing what was resistance which now will become support. If this happens we will be back into blue sky. So I am as I said last night bullish monthly, bullish weekly and bullish to neutral daily.

IN THE ZONE $ES

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ES04222013We are in the zone. The yellow area is a consolidation area that we tried to break week before last. Problem is we just came right back into the ZONE. You can see how the support area (green) is holding up. We may try and form a head and shoulders pattern. Can you see it left shoulder, head and right shoulder may be forming. Critical resistance is at the top of the yellow box. Happy Trading!!

 

Cautiously Bullish

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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.