ES Futures - Where do we go from here?
Six Hour Chart
Things are pretty pessimistic at the moment.
Dollar is soaring, Gold is sinking, Bonds are tanking. Sell everything - Right?
Does anyone think they won't raise the debt ceiling?
Ok - Assume the answer is yes, so then we we go up?
You can see the structure we are within. There is some positive divergence which is detectable on this higher timeframe.
I've been testing out some software by a company called MCM Creative Technology (mcm-ct.com) one thing is does it does is identify when buyers and sells are exhausted.
This market is being sold every time time it wants to go up. Positive divergence is being broken, over and over on shorter timeframes. Basically this market is not being allowed to go up. We are continually been pushed down under last months value area low at 4375.
Interesting observation - there is a point of control at 4511 - this is not viewable on anything less than six hour chart. You won't see it - I've observed this phenomenon lately on the EURO/USD (6E) - now its shown up here on the ES. Its been a magnet.
4511 was a battleground for Bulls and Bears last month - so maybe it means something. Last month it was important because it was a Fibonacci level.
If we go up - we'll go down first and retest 4335 - or overshoot it slightly to get everyone short.
Comment:
20 days - target hit
Not as clean as I would like but the level was hit
Not as clean as I would like but the level was hit
This means buying continues below last months Low Value Area.