06.13.13 ES Move off the 50 MA headed back to the 20 Today we saw a strong move off the 50 MA after pressing below the 1610 over night. After the opening volatility dropped, we rand higher all day long. The OR took 3 trades today... all were winners for a total of 8.75 points. All day long we were looking for the 200% fib extension, which was finally hit at 3:30 EST. Overall The move today is a very strong bullish move which bullish engulfed the downward move from yesterday. The bounce off the 50 MA has brought us back to the bottom of the channel that we fell out of with the last two days action. We are now looking to retest the 20MA just 10 points above us. The fact that we have reacted strongly off the 50 MA now has to give us the confidence that we are more than likely going to retest the 20 MA at 1641, and then press back into the channel with the next target being the FED day highs at 1685.75. There is one caveat that we must keep in mind is the fact that Wed. 6/19/13 is another Fed announcement. any hint of QE pullback could very well kill any bullish intent that the market might have. Wednesday will be a pivotal day for this rally. We shall see. check me out at MyTrade mytrade/86087 Or the Open Range website openrangetrading Hope this helps. Cheers! John
Posted on: Thu, 13 Jun 2013 19:56:49 +0000
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