pisaniello

E-MINI S&P 500 FUTURES - STILL WAITING FOR TRIANGLE BREAKOUT

CME_MINI:ES1!   S&P 500 E-mini Futures
Good Afternoon!

I continue to watch the ES1! with the symmetrical triangle chart pattern that developed with the trend-lines of the Jan/Feb highs and Feb/Mar lows converging toward each other.

There is a higher probability of the pattern breaking out to the long side, but if the bottom leg of the triangle does not hold look for drop to the short side.

I am intently watching the ES1! and am patiently waiting for a break of the triangle pattern on the daily or hourly charts.

Potential resistance levels for a high-side break-out:
R1: 2806
R2: 2880

Potential support levels for a low-side break-out:
S1: 2644
S2: 2526

Happy Trading!

KP



Mar 16
Comment:
AUDJPY (carry trade indicator) trending lower - negative divergence.

Could be an early indicator of the S&P breaking down.

Daily, 4 hr, and 1 hr squeezes are still in effect.
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