Wednesday, November 10, 2010

ES Futures Charts For 11/10/10

Well, the market, so far, is staying above its 10-day moving average. It has come down a little since the 1615 ET close.

Yesterday's low failed as support as the market traded down to test not only S1, but also its 10-day moving average. Those levels did hold as support as the market formed an 85 minute consolidation area around S1. The market rested below the 0930 ET open for 70 minutes to form another consolidation area after trading up about 10 points. We got another up swing to finish a 3-wave move. The second up leg was also about 10 points in length to form symmetry between the first up leg and the second. This really is nice symmetry - 85 minute consolidation - 10 point first up leg - 70 minute consolidation - 10 point second up leg.

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