February 1, 2012

S&P 500 Futures Trend update

  • Chart discussed below has given a good breakout in favor of bulls. candle closed outside the pattern and an up move followed. Price looks good to reach the recent high made in ES.
  • Next breakout from the above pattern should give good direction provided its on closing basis.
  • Price may test 100 Period SMA again which acted as support yesterday. Close below this average line  may favor a bearish trade.

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