Friday, July 13, 2012

1 hour S&P 500 futures Chart update

*post close update* Our 1350 target was met and exceeded as the high of the session was 1353.25.. the signals i presented gave you ample time to ride the wave i had you paddle out in front of.... you can't catch a wave unless you are positioned out in the water right?

below is the updated 1 min chart showing the break out of the inverse H&S with 1320 being the head 1330 shoulders...

1 hour ES
as you can see lots of meandering between 1320 and 1350 the past month though the fact of the matter is the ES is still higher than it was three weeks ago despite the tape and bond prices.. that being said a bit of a inverse H&S is has formed with the head being 1320 and right and left shoulders being 1330-34.

The ES price needs to get up over the pink line @ 1338.25 to signal a pinch into 1344-1350 which will present overhead resistance if and when they do come into play. Also notice the cyan line and the white oval above it on Tuesday of this week.. interesting how the cyan line turned into resistance as it broke up over the red line and fell back under on friday's close in an almost perfect radius from a epicenter of 1300.
1 hour ES

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