February 2, 2011

S&P 500 Futures Before opening bell

  • First chart is ES Hour time frame which shows a classic up trend breakout possibility. Sideways movement and an upside breakout after hitting the trend line. Break above 1305.75 will lead to continuation of the trend. Price breaking below 1298 will favour bears.
  • Four hour time frame shows price getting resisted at a trend line. Price not sustaining above this line may result in a sell off.

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