The top chart is the 60 Minute chart of the ES Futures. We are currently in the middle or Pivot Point/Point of Control of an equilibrium zone between 1400 and 1320. For the last three days, the market has bounced between the 76% and 62% Fibonacci levels of an up leg that started in late January. Short term sees support at 1320 and resistance at 1400. Notice the formation of a short term wedge. Breakout of this wedge may give a clue to larger term market bias.
On the second or daily chart of the S&P 500 Index, the market is below a large resistance zone between 1500 and 1400, which has been created in the last 7 months. It will require something significant for the market to break into that resistant equilibrium zone.
Charles
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