Tuesday, April 24, 2007
PRICE is in PRIME Support, on the TREND Chart
To me, last night was a rather tough trading session as PRICE movement was rather "stair-stepped" in nature. Overall, it was pretty slow before lunch (to my liking) but it did "trend" a little bit when it did a 5 point drop from 2:20am to 3:04am (S'pore Time). Other than this bit of excitement, it was clear to see that the market was trying to "preserve" its energy for the next move. With a PRIME PPF of Support (Trading Chart - And TREND Chart pointing up) going into the close, it does look like the ES is poised to challenge the "magical" 1500 mark. At this point in time, I would be looking for 1487.50 to hold. If it doesn't, then the downmove is still not over.