Tuesday, April 17, 2007

ES Closes Up 1%

What a welcomed first trading session for the week! The ES continued its uptrend from last Friday. On the Trading Chart, there was a slight blip with a PRIME Lower Low (with TREND Chart pointing down) at about 11:24pm (S'pore Time) but it quickly corrected itself with a PRIME Higher High again. My SHORTs (except for the first trade, which was aggressive & speculative) were valid as the Minor PPFs were coupled with the TREND Chart pointing down. On certain days, some of these SHORTs would have gotten me 2-3pts, tops - Especially on days where the "gaps" are a couple of points. But for yesterday, the "gap" stayed open as PRICE "chose" to stay above, without much pullbacks. Traders were clearer buying the pullbacks, thus causing PRICE to clearly stay "positively afloat", so to speak...

Trading Chart
Going into the close, the ES is consolidating in PRIME. Consolidation is common, especially when we have been having 3 "up" days, since last Thursday, in a total gain of about 35 pts! A pullback would be healthy...

PRICE still needs to challenge last PRIME Support (to create a Higher Low), in order to go higher. It has yet to do this. So, with all this bullishness, do expect at some point, for PRICE to retrace to a lower level, before heading back up to challenge PRIME Resistance again.

Swing Chart
PRICE still heading up. But with PRICE already "high up in PRIME territory", do expect an easing of prices in the next few days (or even tonight). Would need some "unwinding of the built up momentum" (a pullback) before continuing its uptrend.

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