ES Morning Session - 02/27/08

The morning session demonstrated some interesting Divergences between the ES Futures, TICK and TRIN. As the ES Futures was testing the morning lows, buyers entered the market at the 0930 ET Open at 1374. As the ES Futures traded below a 1000 ET pivot low, the NYSE Advance - Decline Line was making a higher divergence low.

The TRIN indicated some bullish tendency by making lower "closing" highs at the same time. On the same chart, you can see that the ES Futures spent most of the mooring on the bullish side of the 0930 ET Open challenging the Upper Limit of the Nearest Daily Range Extreme Average.

Also notice the formation of a Bullish Gartley Pattern confirmed by the Divergent Indications.

Charles