Friday, February 5, 2010

ES Futures - End of Day Reveiw 02/05/10

A bullish finish to an exciting day. The market closed above its Point of Control, and also formed a bullish "P" profile. I haven't heard a good explanation for the afternoon rally. However, the $TICK moving average on the 15-minute chart did show a bullish divergence most of the day. Also, this average rarely goes below -200, and it hit a low of around -310 earlier in the day. So the market may just have been overextended to the downside, and either shorts decided to cover, or long term traders decided to pick up some bargains or both.

Charles

1 comment:

  1. afternoon rally = Consumer Credit beat expectations by a ton

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