Wednesday, April 17, 2013

The Manic market rolls on as futures decline 12 points ahead of cash open ato 1557

SP 500 E-mini Future

5 min ES. note RED uptrend break

NQ 1 hour. 2800 support
Monday was red, Tuesday was green, Wednesday is red, see a pattern here? The pattern is telling me the index is confused and has no leadership, much like out country. Currently the ES is lower by 10.50 pts or 0.69% to 1558.25 with 1555 remaining as support + line in sand, under = 1550 quickly.

The manic market rolls on. When looking @ the ES for upside, a move back over 1560.25 is what is needed to realigned the trend to put 1565 as resistance before pinch resistance @ 1570.25 comes back into play, yesterday's resistance.

I must say i am fairly surprised by crude and equity weakness as gold is unchanged and crude is down 1.41%, but this is the market and you must trade what you have got not what you want.

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