November 23, 2010

Broadening Top of S&P 500 Futures

BROADENING TOP FOR THE BEARS
FALLING WEDGE FOR THE BULLS
  • First chart is a the bearish broadening pattern shown in 30 minutes chart of ES.
  • A falling wedge is also in the making in ES which is a bullish reversal pattern.
  • Main support on closing basis for ES is 1173. If 1173 holds this week Price will move higher above 1200.
  • Breaking 1173 will be negative and price will slip below 1150.
  • S&P 500 BEFORE OPENING BELL

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