SP500 Future (ES) M/D/3h Charts (03/31/14)

1.  ES ended the month with a bullish candle and all time monthly high.  Monthly indicators are bullish and the new all time high is supported by a SYNC bar.  No sign of weakness yet and the long term bull trend is in no immediate danger.  The candle has a narrow body relative to previous months with short tails on both sides, agrees with a mostly range action month. 

2.  A gap open which has not been filled during the day suggests strength.  Since ES gaped away from the important magnet 1851 and ES traded >60 mostly during the regular hour the bearish setup has been invalidated.   In fact the head/shoulder pattern is likely invalidated by today's action as well.  Although PL is still flat daily indicators are now all in bullish territory and the gap region 51-55 is likely a key support now.  Close below 51 will indicate weakness and below 44 will be dangerous.

3.  ES gapped during ON to the upper trading band (~60) and moved above it during regular trading hour.  PL now is above TBL and TOL as well.  Indicators are all bullish now and trading bands are up as well. 


4.  RS Levels:  81, 75, 68, 62.5,  58.75, 51-2,  48,  44-5,  41-2,  34.5,  28,  23， 11.5



Monthly



Daily



3-Hour

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