February 9, 2017

ES Hits 2300

  • Bullish move out of the range.
  • Price moving towards the resistance line of the Rising wedge pattern discussed in the earlier post.

ES chart analysis before opening bell

  • ES 4 hour chart shows price getting resisted at range top.
  • Bulls need to stay above 2294 levels for bigger up moves to follow.

ES Chart analysis after closing bell

  • Although the overall movement in daily time frame is Bullish there is a possible Rising wedge formation. One or 2 touches on the support and resistance lines will increase the effectiveness of the pattern.
  • 4 hour chart shows the range continues to hold. Need a close outside this range for bigger movements to follow.
  • 20 Day SMA Continues to prevent bearish moves on closing basis. So bears need a close below this line for bigger corrections to follow.