Tuesday, June 26, 2007

ES Continues It's Bear TREND (On a TREND Chart Basis)

The ES continued its Bear TREND last night, making Lower PRIME Highs, and Lower PRIME Lows, on the TREND Chart. The 16 points pull back in PRICE up to a high of 1528.00, which started just before the release of the Existing Home Sales data was not only an Oscillation Challenge on the TREND Chart but also a PRIME PPF (1528.00 - last night's session high at 12:14am, S'pore Time) of last PRIME Resistance at 1536.50.

If PRICE does not reverse the current Bear TREND that we are in soon, the SWING Chart's Bull TREND would be in danger. The last PRIME Support on the SWING Chart is at 1494.25, a mere 10 3/4 pts away from last night's session low. PRICE is in urgent need of a Leg 1 of Bear Break, on the TREND Chart - Thus, key PRIME Resistance to look out for now is 1528.00.

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