Thursday, April 19, 2007

ES Makes A Higher High

My parting post last night, before heading to bed was that the ES had made a confirmed bottom at 1473.00 by the PRIME PPF at 1473.50 at 11:11pm (Singapore Time) & that PRICE was heading back up to challenge last PRIME Resistance at 1482.75 - It did just that and a PRIME Higher High was printed at 1484.50. On a TREND Chart Basis (although we still in a bull TREND), the last PRIME Resistance created at 1473.00 is just too close for comfort...With the ES closing below 1480.00, it bears the risk of creating a Leg 1 of Bull Break, should PRICE pull back to Breach 1473.00 (Last PRIME Support). In fact, on the Trading Chart, we have a PRIME PPF of Resistance, going into the close, signalling a confirmed top (coupled with the TREND Chart pointing down). Thus, a change in TREND is very much in the cards tonight...

Swing Chart
Still in a Bull TREND. Last PRIME Support is at 1418.25. PRICE still needs to head down to challenge this level in PRIME, to give us a Higher Low.

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