Wednesday, May 12, 2010

ES Futures Morning Review 05/12/10

In the first 25 minutes of trading, the overnight high did offer resistance, but the market was unable to close the gap. The 1160 resistance then failed. We then got a bearish $TICK divergence when the market came withing 2 handles of yesterday's high at 1169. That has led to a down turn, but the market is still above the 1160 level thus far. However, it is below the VWAP line.

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