Red Dragon Leo

h1 a:hover {background-color:#888;color:#fff ! important;} div#emailbody table#itemcontentlist tr td div ul { list-style-type:square; padding-left:1em; } div#emailbody table#itemcontentlist tr td div blockquote { padding-left:6px; border-left: 6px solid #dadada; margin-left:1em; } div#emailbody table#itemcontentlist tr td div li { margin-bottom:1em; margin-left:1em; } table#itemcontentlist tr td a:link, table#itemcontentlist tr td a:visited, table#itemcontentlist tr td a:active, ul#summarylist li a { color:#000099; font-weight:bold; text-decoration:none; } img {border:none;}

Red Dragon Leo

Link to Red Dragon Leo - Stock Market Trading on the Darkside

ES Morning Update February 12th 2016

Posted: 12 Feb 2016 06:19 AM PST

3cec6713-3ec8-410a-b578-d3b9778ff482

Falling trendline of resistance will likely be hit this morning.

But the MACD’s on this 60 minute chart show it’s getting into overbought territory.

Looking at the different time frames the market is trying to turn back up.  But since the 60 minute is already extended before the open the falling trendline around 1855 ES should stop it again on this 4th hit of it.  But, considering that it’s Friday and we had that “Thurs/Fri” low yesterday (plus the likelihood that we completed 5 waves down from the December high) I don’t see the pullback tanking the market again.  I think it will only be a lower high and it could just ride the trendline down for half the day and then do a late day rally back up through it.

Next Monday is a holiday (President’s Day) and while the past history for that week isn’t to good for the bulls.  So if we bottomed yesterday (I think there’s good odds of it) the rally up next week (which should be the A up and B down, which C up the following week), could be a choppy ride.  Tuesday has the best history of being an up day, but the rest of the week isn’t too strong for the bull from the past data.  Just speculating now on the way count that’s possible but if the move up from the low yesterday is an A up, and we pullback today for a B down then we should see a C up Tuesday to complete a larger A up.

via Blogger http://ift.tt/20tkrlp

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s