Wednesday, March 7, 2012

5min and 4hr S&P500 Futures Trend Update

 4hour ES
The S&P's today preformed well despite yesterday's weakness rallying back to Tuesday pre market level, with the high being 1354.25.

The dollar relented, bonds fell thus equities rose, commodities rebounded including with crude surging up nearly 2% to close over the 106 level.. The lows in CL this morning looked much like a buying opportunity because it was a 'U' pattern.

The quick shot down to 104.35 in CL the dip in the cash market post regular US session open.

Support remains 1350 in the spooz, 1357 next level of support. 1355 is a big resistance, the ES pinched over 1350 earlier this morning, grinding into highs supporting on the downtrending line from 1377..

5 min ES - notice th epinch...