SP500 Future (ES) Charts (03/26/14)

Note:

Finally Daily candle turned green.  Now the question is if it comes a bit too late and if ES is near a short term top?   The daily continued it's range action today and Pinky started to flatten and the candle is above the upper trading band.  So technically it does not look bad and ES could be just consolidating after the new all time high. 

On the 3-hour chart ES tested the lower trading band/also 38 support and bounce off the support leaving a long tailed hammer like candle (a potential  reversal candle).  Indicators are neutral to slightly bullish.  If ES can stay above 45-46 range or better >50 ON the chance this bullish bias will carry over to regular trading hour tomorrow is high.  On a different frame ES appears to have made a positive divergence near 38 support.  As long as that the 38 support is not violated and ES trades above 41 support this bullish outlook will be safe.

DT RS Levels:  55, 52, 48, 45-6, 41-2, 37-8, 34-5, 28-9, 26,  18, 11

Daily



3-Hour