Thursday, May 10, 2012

ES Futures 5 Minute Chart With Two Simple Moving Averages

I've been watching the 24 and 38 bar moving averages on the ES Futures 5 minute Globex charts for some time now. Traders must be keying on these two averages since the market frequently turns on tests of these averages.

The above charts are examples of wavy, up trending, down trending and market reversal days. Another thing interesting about these two averages on the 5 minute chart is that the market turns occur near a 50% corrective move on a three-wave formation.

Charles A. Pennison

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