Thursday, October 22, 2009

Morning ES Futures Review 10/22/09

Again, the morning following a wide range day sees a narrow range market. This scenario leads to a higher probability of success on $TICK divergences.

We got a bullish divergence on a test of the overnight low. On the retest of that low, it held as support as the market traded back to and eventually above its VWAP line, and the 1077 technical resistance / support price.


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