Tuesday, May 18, 2010

ES Futures Morning Review 05/18/10

The A - B line is the down wave that tested the 1140 level. We got a bullish divergence, which led to the 62% correction ( B - C line ) and test of the VWAP Line. At point D, the market starts to trade past the 62% correction level, which may indicate a continuation of the A - B down wave. Today, it was the continuation of a down movement which eventually closed the opening gap. Currently, the market is again testing the 1140 level.

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