June 9, 2011

ES - Cloud continue to favor bears

  • First chart is ES Hour time frame shown with the descending channel and cloud.
  • The fact that Price is yet to touch the cloud in hour time frame shows the strength of this down trend. 
  • Daily time frame is shown with 200 day moving average. Price is hanging around this Moving average for last two days which will give some hope of a pull back for bulls, Unless the hour shows some turnaround price may continue to slide down.

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