SP500 Future (ES) Charts (02/25/14)

Note:

On the daily chart we got an inside day which is normal after a wide range day.  ES was trying to digest the new development and bulls and bears are sizing each other and prepare for the next move.  The trading action has been bracketed by 37 support and 51 resistance so far.  The low of the day managed to stay just above the lower trading band and pinky continued to inch higher, all are positive signs for bulls.  Indicators are also bullish except the green candle has not arrived yet.   Watch any breaks of 37 and 51 for near direction

3-Hour chart also appears to have bullish bias based on the indicators.  The latest candles are all with long whiskers on both direction together with a flat Pinky line described the sideway action today. 

No major change for R/S levels




Daily



3-Hour