Sunday, September 23, 2012

Sunday Night Opening

We are at an important psychological and technical level for ES right now.

 ES 1 min from Friday's 9:30 am opening to present with Sunday night futures opening at the yellow arrow. This $1450 level is likely going to cause some congestion, I doubt it will be broke quickly without volatility. You can see a slight positive toward the end of the day Friday, it's difficult to say, but with the downside momentum that was in place, the positive divergence may have been just enough support to keep ES in a range for an op-ex pin.

 The 15 min chart has called a lot just about every turn, there's a slight relative positive right now at the $1450 area.

 Longer term the hourly chart has a negative divergence right at the F_O_M_C rally highs.

 The daily EUR/USD chart just piercing resistance...

 A closer look shows a set of 3 candlesticks that are a common reversal pattern which is confirmed, remember though candlestick reversals don't have a target, they just imply a high probability reversal which has already occurred and is now below support, now resistance again.

Here's the Sunday FX market open with a gap down in the Euro thus far, there's support around $1.29, $1.30 is a key level.

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