December 13, 2010

S&P 500 Futures Before opening bell

  • ES Hour chart with a rising wedge that has given an upside breakout.
  • It's rare to see an upside breakout for this pattern. rising wedges are usually bearish patterns.
  • Now if price crosses 1250 and sustains above that level ES may give 1270 in the short term.
  • But trading below 1241 and 1238 will be negative because a false breakout of a rising wedge can give decent correction in favor of bears.

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