Tuesday, May 15, 2007
Risk of a Back Door Bull Break on the SWING Chart
On a SWING Basis, the S&P eMini (ES) is in danger of a Back Door Bull Break. With 2 PRIME PPFs in a row (Last PRIME Support at 1496.00 & Last PRIME Resistance at 1516.25), there is a high risk of PRICE breaching 1496.00 - which is only about 10 points away from yesterday's market close. I would not give that scenario a 100% sure thing but being on the look out for it would definitely keep me on my toes, especially when taking the intra-day trades.