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Wednesday, 12 December 2012

E-Mini (ES) Daily reversal

ES has come hard of the intra-day / post FOMC high and is now negative for the day. As the most important risk barometer, a reversal in ES will lead to lower 10Y yields, Lower AUDUSD rate etc.

Using Candlesticks, if price was to close now (anywhere sub 1431.00) then the Technical pattern "An evening star" where a Daily doji is at the top of a swing high move signalling the top.

Furthermore, ES has pushed back below a daily trendline and this suggests a failed attempt at a move higher.

E-Mini S&P500 Futures, Thomson Retuers
Major Support Levels:

1424 - Last swing high
1415 - Rising trendline
1401 - 38% Fib and Pysch level.

Upside resistance levels:

1438.50/75 - Intra-day highs
1450 - Pysch level
1465 - Major Supply zone.

For this reason we Recommend Shorting at this point, 1430.50, Eventually looking for a move towards 1401 but 1415 is a good start
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