ES Futures Morning Review 06/30/10

We had a large range day yesterday, and as usual, we have a narrow range morning today. So far, the market is stuck between the overnight high and low.

Charles

ES Futures Morning Review 06/29/10

After the opening bell, we got some panick selling. The cash market is trying to stay above the May low. It may be a bearish second half of the year if the market closes below that level.

Charles

ES Futures Morning Review 06/28/10

I'm usually leery of a market that tries to turn mid-way between a resistance and support point. Those turning points tend to fail. But today's market turned half way between the overnight low and Friday's low. I took a while, but it turned. It is still below Friday's and the overnight high.

Charles

ES Futures Morning Review 06/25/10

Again, the 0930 ET open price resistance held. We are still in Bear mode.

Charles

ES Futures End of Day Review 06/24/10

On the daily chart of the cash market, this is the first time that its 50-period moving average has gone below its 100-period MA since May of 2009. During the afternoon session, we got another 1400 ET reversal as the market tested the 0930 ET open price level.

Charles

ES Futures Morning Review 06/24/10

The market formed a nice 3-wave formation on the 5-minute chart. First trading below yesterday's and the overnight low, the market then formed a correction wave which tested yesterday's low. That price level held as resistance, and the market then formed the last down leg. The overnight low is now resistance.

Charles

ES Futures Morning Review 06/23/10

Even though the market took a quick tunble following the housing market news, it is still following the typical script of staying in a below average range following a day or two of above average ranges. The market has stayed below the 0930 ET open all morning.

Charles

ES Futures Morning Review 06/22/10

The market couldn't quite reach yesterday's low as buyers kept the futures market just above 1104.50. This is also the place where the cash market was testing its 200-day moving average. So far, both these levels have successfully acted as support for the market. Currently, the futures market has broken past the 0930 ET open resistance.

Charles

ES Futures Morning Review 06/21/10

With the futures testing the upper band of its Keltner Channel, and the cash market testing its 100-day moving average on the daily chart, it is a good place for some to take short term profits. However, the selling so far isn't strong enough to even reach Friday's high, much less close the open gap.

Charles

ES Futures Morning Review 06/18/10

Early on we got some profit taking at yesterday's high, but the market came back to test and trade above that leve. All in all, another narrow range morning.

Charles

Interview with Steve Wynn

Click on LINK

ES Futures Morning Review 06/17/10

The probability was high that the market would close the open gap. However, I thought that the market might linger near yesterday's close. The 1000 ET reports, however, convinced the bulls to stand aside. The market was due for a sell short day. It is currently testing the 50% correction level during lunch.

Charles

Not much to talk about this morning. As is typical following a strong trend day, the market is staying in a narrow range. It has a bullish bias, but is staying below yesterday's high thus far.

Charles

ES Futures Tuesday's Review 06/16/10

With a strong trend day with a healthy range, we should see a relatively narrow range market today. A special note that the cash market closed above its 200-day moving average yesterday. Once the market was above that level, the bears gave up.

Charles

ES Futures Morning Review 06/15/10

Again, the morning market was unable to close the open gap. As the market tested the 0930 ET open, the close of each test bar stayed above the open price. This led to the market going back to test the high of the first 30 minutes. The market is staying well below yesterday's high, but stalling near the 30 minute high of this morning. An inside day so far.

Charles

ES Futures Morning Review 06/14/10

This morning's market couldn't even make it to Friday's high much less close the opening gap. We did get a nice 3-wave bullish formation going into the European close.

Charles

ES Futures Morning Review 06/11/10

I wasn't sure that the market could close the opening gap, but it did. However, buying pressure faded after the market tested yesterday's high. We are now seeing some resistance at the 50% correction level of the recent down wave.

Charles

ES Futures End of Day Review 06/10/10

The morning low did indeed provide support and led to a strong finish for the day. Late day demand got the market past the morning low, and close above that level.

Charles

ES Futures Morning Review 06/10/10

So far, the market has not closed below the 0930 ET open. Equilibrium is being established near yesterday's high at 1073. The market has to close below the morning low of 1067.75 for any chance of closing the gap.

Charles

ES Futures End of Day Review 06/09/10

Quite simply, the market never made a higher pivot high all afternoon. The bullish enthusiasm of the morning faded quickly. Rolling to the September contract tomorrow.

Charles

ES Futures Morning Review 06/09/10

The market tested yesterday's high twice, and then launched up to the 10-period moving average on the daily chart. A strong finish going into the European close.

Charles

ES Futures End of Day Review 06/08/10

Just before 1400 ET as the Energy Pit starts to trade in its last half-hour, we got a bullish $TICK divergence and a reversal in the short-term trend. In the futures last half-hour, we got another bullish bounce as the market traded to the overnight high. On the daily chart, the market is trying to bounce off of the lower Keltner band.

Charles

ES Futures Morning Review 06/08/10

Since last October, the 1040 area in the Cash Market has been acting as support. However, when the futures traded below the overnight low, I was doubting that this support area could hold. But, so far, it is holding. Stay tuned.

Charles

ES Futures Premarket Review 06/08/10

The distance from the previous day's low and the overnight low is decreasing. The momentum of the selling pressure is decreasing. The important pivots are 1061 for the overnight high, 1045.50 for the overnight low, 1047.50 for yesterday's close which is near yesterday's low at 1047. Yesterday's high was 1070.75.

Charles

ES Futures End of Day Review 06/07/10

We did end up with a range below average, but a range that was a little larger than I was hoping for. Bulls aren't finding bargains just yet.

Charles

ES Futures Morning Review 06/07/10

The bullish advance ended on the test of the Premarket High at 1070.75. When then got a successful bullish #TICK divergence on the test of Friday's low. This led to a correction to and slightly beyond the VWAP Line. As is typical following a large range day, we are in a narrow range this morning.

Charles

ES Futures Premarket Review 06/07/10

The overnight market has traded over the recent pivot low of 1067.25. It would be a good bullish sign if the market remains above this pivot. A 50% correction of Friday's tumble is around 1080. 1052 is the overnight support.

Charles

ES Futures End of Day Review 06/04/10

Friday afternoon's market stayed below the morning low and lazily moved to the downside. The cash market remains below its 200 day moving average, and the futures market is back in the lower half of its Keltner Channel. We should see a more narrow range on Monday.

Charles

ES Futures Morning Review 06/04/10

The bulls ran out of steam at 1088, and the market retested the overnight low at 1076.50. During this lunchtime period, the market is staying below its VWAP line.

Charles

ES Futures Premarket Review 06/04/10

The market was already in a slide due to some European rumors about the Euro before the release of the Employment numbers. The Employment report was apparently a disappointment to the market.

Charles

ES Futures Morning Review 06/03/10

At 1000 ET, the market tested the overnight high, which acted as resistance. We then got a 3-wave pattern, which sent the market back to yesterday's close. On test of that support level, we got a $TICK bullish divergence, which then sent the market back to its VWAP line, which is now acting as resistance.

Charles

ES Futures Premarket Review 06/03/10

The overnight market stayed in the upper channel, but has remained below recent highs. The market awaits the Employment Situation numbers that come out tomorrow morning.

Charles