Thursday, December 3, 2009

ES Futures - Morning Review 12/03/09



Okay, so resistance was 1117 rather than 1115.50. So far, the market is staying above yesterday's low.



If this was truly a strong up market, the 1115.50 area should have held as support once the market traded above that level. That support, however, failed and the market went down to test the overnight and yesterday's low. On that test, the market bounced back to the VWAP Line following a double bottom formation without a $TICK divergence signal. Right now, the VWAP line is resistance.

Charles

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