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TFC Commodity Trading Forum

Re: ES ???/Lee *PIC*
In Response To: Re: ES ???/Hal/Trades ()

My post on the stock index was for the SPX Index. Here is the Dec Emini chart. 1st support was the Aug high of 1417 that was cleared and tested as support successfully in Sept and mid October. This recently broke down below that support. Price now for the last several days has been testing (so far successfully) the March high support of 1404. If this breaks down then the late Aug lows of 1388 are next support which is also the Fib 38.2% level. So far very little technical damage has been done. And I might add there are a lot of very bullish set ups all over the place right now with the recent pullback. This market may pullback further but I wouldn't be short now looking at a bunch of charts out there. Since mid Sept this market has only pulled back about 60 points which isn't much all things considered. And that is with a breakout of DX over its 3 month downtrend. I mentioned to Artie that DX is bumping up against resistance at 80.30 & 80.43 and could stay in the narrow two point channel it's in. That would see DX back off towards the bottom of its two point channel and see this and other inverse markets rally again. The precious metals are also looking good "SO FAR" with no serious damage done to most charts as well and many Gold and Silver stocks back to significant support levels. No guarantee those levels will hold but I know I wont be going short at any support level for sure. See Gold hold above $1700 and Silver hold above $30 support. The more sensitive CCI 20 just tested the very oversold zone area of -200 the other day as well on both and has actually improved. Same with the Emini. And while 'price' can plunge and show a higher oscillator low meaning a positive divergence with a much lower 'price' low I still look for bullish set ups when i see the CCI 20 at the -200 level. Check out a bunch of charts sometime and draw a vertical line through the entire chart when you see the CCI 20 touch the -200 level. That should convince anyone it's worth paying attention to short term if nothing else. So what we need for the Emini to break to new lows is for DX to rally through 80.43 basically. And right now DX is at resistance so don't bet on it just yet. I guess we must wait for the next B.S. 'headline' out of Europe or Washington. Or go to your local casino and bet on red or black. Same difference.