Review of last night's trades. We had a good trending down session last night. ES hit a low of 1426.75, breaking convincingly the last PRIME Support low of 1431.00 on the Trading Chart. PRICE was consolidating between PRIME levels (4 PRIME PPFs on the Trading Chart), going into the close.
No clear sign that PRICE has bottomed but the TREND Chart has turned back up. Thus, we could possibly see a pull back in PRICEs tonight, to challenge last PRIME Resistance of 1439.25 on the TREND Chart to give us Leg 2 of this Back-Door Bull Break.
So, watch out for this level, as to whether PRICE fails, or breach. If it breaches, the Bull TREND would be back on track again.
Just a note: On the Longer Term Chart, we are consolidating. Key PRIME Support level to watch out for would be 1412.25.
Tuesday, January 23, 2007
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