The ES ran down off the morning highs and closed under 1610 today... The OR system gave us 5 trades, 4 winners and 1 loser. With the winners being minimum trades, the net for the day was 1.50 points. The ES is now approaching the 50 MA at 1602, and it would there that we would expect a bounce. If that level gives way, then I think that 1580 would be then next logical line in the sand. Looking at a chart of ES the 50 MA has been tested now 4 times this year... each time with price reacting strongly to the upside. I would expect that price will do the exact same thing until we see it do something else (How profound was that?), so I am looking for a bounce off the 50 and a run back to the 20 MA at least. If this happens, and a lower high is made after the bounce, then we could be seeing a possible reversal in the trend. But, if we bounce here and then proceed to make new highs (next target would be 1700 or higher), then we could be seeing the correction that we have needed in order to continue the move higher with out becoming over extended. Anyway... tomorrow is another day, and we will see have the new day brings! Cheers
Posted on: Wed, 05 Jun 2013 22:04:52 +0000
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