However, with the ES trading at 1756.00, off 7pts, I am very close to getting a 'sell-avoid' on the ES as of right now in the 60min time frame as the ES is trading below both the 13EMA and the 34EMA. I don't have a cross yet but the EMA's will likely cross unless the ES can get back above 1760 and then stay above that level. Period. I am watching a 4hour chart for a better confirmation of this potential 'sell' signal and that confirmation would come should the ES drop to 1756.75 and then not manage to get back above that level.
Like the 60min SPY chart, the 4hour ES chart gave a 'buy' signal, per my criteria, on October 10th and like the 60min SPY chart, the 4hour ES chart has been tracing out a sideways market since Wednesday, October 30th. Prior to the 30th each was clearly moving in an uptrend. IMHO, that up trend is now in jeopardy. But that may all change by the close of the cash session and the close is the only thing that matters.
I've marked on the SPY chart what I consider to be an important level. The corresponding level on the ES 4hour chart is 1756.00. If these levels hold then we could be looking at just another dip buying opportunity and markets should go higher, but if these levels don't hold then 'sell' signals in the will likely follow in a few days.
All IMHO, and I could be totally wrong.
EDIT: Well, chartlexia, I guess. Chart should say Friday's low not Monday's low. An important level, just the same.