Wednesday, October 19, 2011

S&P500 rollover - 19 October 2011

I am writing through my iPad for a quick update...

Last post, it was highlighted that the latter half of this week should see a lower end to ES futures, and so it seems to be panning out this way.

On Monday, the ES (and the European markets) made a hasty reversal, then on Tuesday last night made a little bounce.

At the time of writing this (0420hrs ET), I am seeing a probable ES rollover. The technical picture on the ES 30 mins chart suggest that an open below 1210, and sustained selling pressure would complete the rollover. The ES is currently at 1215, facing a support of 1210 where the FiboEMas are. Breaking down and failing a consequent test would confirm the rollover.


The MadScientist
19 October 2011

Note: Any material posted here is of my sole opinion, and my opinion may differ or change. This is NOT a solicitation nor advice to act as a consequence after reading these materials. The materials presented here are intended for educational purposes only.

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