Wednesday, August 17, 2011

Pre-market Technical Analysis - 17 Aug 2011

A quick look at the ES futures reveal a possible rollover and breakdown.

Earlier today the chart looked like this:

Notice that the Fibonacci fan has placed a resistance on the daily chart and it can be seen on the 30 min charts as a resistance top of the triangle. ES brokeout during Asian trading hours today, I drew the blue and yellow arrows to show that it has two ways to turn out.
About 30 minutes ago, when the European markets open, the ES broke back into the triangle.

The break back in should be followed through with a moving average test and failure. When that happens, the ES should roll over and resume the downtrend. Watch for this to happen in the coming hours today...

The MadScientist - 17 August 2011

Note: Any material posted here is of my sole opinion, and my opinion may differ from others. It is definitely NOT a solicitation to do anything else as a consequence of reading this material. The material presented here is intended for educational purposes only.

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