Thursday, March 01, 2007

Stability In The Markets...or "CONSOLIDATION", As Some Would Put It

The ES was able to recoup only some of the losses incurred the night before. However, one good thing happened last night, in that Leg 1 of Back Door Bear Break was created, with the session's high 1418.75. Going into the close, we had some consolidation and during Globex, 1406.oo (Leg 2) was taken out - this level was mentioned last night. It is possible that Leg 2 is completing soon...We need to see a Breach of Resistance, followed by a PPF for PRICE to head back up to challenge last PRIME Resistance of 1418.75, to give us a Higher PRIME High, and completing the 3 Legs of the Bear Break. And Globex session may just give us that low. Let's see...

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