ES/S&P E Mini Update

Some of you may not be familiar with the S&P E-mini futures contracts because for 1, they are futures trading, not equities and for 2, they are exceptionally expensive (roughly multiply the S&P price by 50x and you have the price of 1 single contract), thus this is where the big money often plays.

While most of us don't trade them, they are a valuable data point, especially 3C which has performed nearly flawlessly on the ES 1 min chart, which has much more relevance then a SPY/S&P-500 1 min chart, I would say it's along the lines of a normal 15 min chart, but a bit more short term in the moves predicted.

Here's today's ES update

 Over night and very early in the a.m. (EDT time zone) there were two negative divergences, the first to the left sending ES lower, the second about an hour before the New York open and that negative divergence seen right as the chart changes shades from extended market hours to New York market hours, there is another negative divergence, this one sends ES off the opening highs to the low of the day, at which point we can se accumulation at the white arrow and a move or intraday bounce as I reported earlier as being likely from the SPY/QQQ/DIA intraday charts. That move is now, in ES, running in to the next negative divergence. This is around the time of the European close and things often get whacky in the late afternoon, but it looks like ES as of now, is set to start moving lower, which has a direct relationship to the broad equity/stock market.

I'll be updating equities next as well as a few others.