1.WeeklyPLhasbeenflatforawhilenowwhichsuggestsatradingrangemarket.SinceESprintedaweeklygreydojicandleneartheuppertradingband,perhapsitisthetimetothinkthelowerendofthistradingrangenowwhichisnear1750s.AsIhavepreachedmanytimesbeforeEStradingat1750swillnotchangetheoveralllongtermtrend.Weeklyindicatorsarestillbullishhowevermomentumisdecreasing.Overallweeklyisrangeboundwithbullishbias.
2.Apullbackis...[
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1.EShadadowndayafter7consecutiveupdays.IndicatorsarestillbullishhoweverESdailyprintedagreycandletoday.ESistradednearthetopofthechannelandisupagainstthealltimehigh.Iexpectabitmoreconsolidationhereforbullsandbearstoprobeeachotherbeforethenextdirectionalmove.
2.Plonthe3hourframehasflattenedandindicatorsaremixedandconsideredasneutral.Sinceforthelastfewsessions68.5supporthasbeenholdingupwell(onclos...[
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1.Notmuchtosayaboutdailyseeyesterday'scomment.
2.3-hourshowedashallowconsolidationbeforetheanotherupthrust.Indicatorssuggestthatafollowthroughmoveisbrewing.
3.RSlevels:85-87,81,75.75,68.5-70,60,57.25,51.75,47,30.5,23.5,16.5,03.25,1797,and1771
DAily
3-Hour
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1.The74targetspelledouton4/15hasbeenreachedtoday.Althoughtheintradayhighwas78.75,ESlikedthattargetandclosedthedayat73.75--aluckyguessIsuppose.Anywayweareleftwithagreencandlewithallindicatorsinbullishmodenow.PLstartstoriseagainandatestofthepervioushighortheuppertradingbandisverylikely.Ididnotspelloutthenexttargetin4/15,whichis1913.50.IfEScanconsolidatehereabit,thechanceofarunforanewhighor1913.5isve...[
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1.EShasclosedabovethetriplelinesfor2daysnowanditappearsthattheupsidemomentumisbuilding.Indicatorsondaily'snowarealmostallpositiveandatestof85islikely.Continuetowatchthetriplelinesasthefirstlineofdefense.Aggressivebullscanbuyontheintradaythrowbacktothetriplelinesupport.
2.Onthe3-HchartEScontinuesitstrajectoryupandTBLisabouttocrosstheTOL.Sothingsreallylookgoodforthebullsnow.Indicatorsarealsoinbu...[
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1.WeeklyESisinarelativeneutralpositionwithslightlybullishbias.PLandthelowertradingbandareflat.Momentumcontinuetodeclineduetorecentsidewayaction.HoweverSYNCbouncedoffzerolineandFVOisstillgreeninadditiontoarisinguppertradingbandhaverenderedtheweeklyaslightlybullishbiashere.
2.Friday'scloseprintedanupcandleabovethethreeconverginglines(>50)whichisapromisingsignforthebulls.IfbullscankeepESabovethes...[
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1.DailyESwentashighasthe57resistanceandretreated.Thecloseisrightatthreeimportantlines:PL,TBL,andmidlineoftradingbandwhichservesasafulcrumnow.IndicatorsaremixedandESstartstoemergefromoversoldzonesothereareroomsforbullstorunhereifEScanstaynorthofthefulcrum.Afailureherecouldleadtoadditionalweaknessandatestoftherecentlow.
2.ESstartstoprintgreencandleswhichisalwaysagoodsign.HoweverPLisstillunderTOL...[
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1.Yesterday'sbullishreversalpatternhasbeenconfirmedtoday.Wehavewitnessedsomeinterestingfightsbetweenbullsandbears(see3hchart)thismorning.Theclosewasrightunderthe44resistance.SinceESisstillinoversoldterritory,indicatorsaremixedandmomentumisrising,thelikelihoodofbullspushingthrough44isprettygood.Themajorresistanceof68.5willbeaverychallengingtaskifbullsareabletogetover49-50first.
2.ESwentthroughs...[
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1.ItisanicedayforbullswithESclosedthedayonanupnoteandprintedabullishreversalpattern.Howeverwestillneedtoseeaconfirmationtomorrowtobesure.IndicatorsarestillbearishandthedailyESisinoversoldcondition.Thelateafternoontestof11supportandreboundsharplycouldbeanexampleoftestingofsupply.IftomorrowEScouldpassthroughthe33.5supporttheSTreversalwilllikelybeconfirmed.PLhasofficiallycrossedoverTBLsothisSTreversa...[
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1.Weeklychartisstillbullishandindicatorsaresayingthesamething.ONweeklychartESwasveryoverboughtwhenitmadethenewhighandthelatestweaknesscouldbejustareactiontoalleviatetheoverboughtcondition.WeeklycloseisjustunderneathPLandmid-tradingbandthereforenothingontheweeklycharthavesuggestedatrendreversal.OnlywhenESisbelow1760-50zonethatwecantalkabouttheendofthisbullishtrend.
2.ESdailyclosed11.5sharpwhich...[
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