Note:
1. Another new all time high for ES and the weekly chart printed a green candle which is encouraging. If you look carefully you can see pinky is starting to rise again in addition to the trading bands which is rising steadily since the start of 2013. Despite the somewhat weak action on Friday (see below) the long term outlook is solid for bulls as the new high is supported by another SYNC bar. That is two weeks in a row now.
2. Important support levels for LT are: 1846.75, 1834.5, 1811.75, 1780s, 1754, 1732 and 1690. Below 1732 the bull market could be over. Remember the last pullback stopped near the top of my famous "六阳夹一阴" (~1737). So it remains a very important level for bulls,
3. I am too lazy to go back to see when (maybe around new year) I projected 1888 as a target but that was a number (1887.5) ES reached before RTH (regular trading hour) on Friday. The market turned down from there and retreated before coming back to close the day flat leaving us a spinning top candle, which is why I was a bit disappointed. Since the high was during ON session I tend to think ES will revisit that level again during RTH sometime soon to test the supply/demand. Since all indicators are still looking good except the spinning top candle, I would just discount it for now. I had a feeling "they" wanted to give us an uncertain look on daily chart since that is what majority of people will look at anyway. Perhaps it can trick some nervous bulls into selling early next week.
4. The "damage" was on the 3 hour chart but the recovery later before the close was good and repaired some of the damage. The spinning top can be easily seen here. So both daily and 3-hour charts left us with a spinning top candle. Indicators are neutral for 3-Hour. Pinky is flat as well as our trading bands so this weakness could spill over to early next week possible for a range action or slightly downward action.
5 R/S levels for ES day traders: (87.5, 81, 77-8, 71.5, 66.5, 59.5 and 55.5). A break below 66.5 will likely lead to further weakness to the 55.5 zone.
Weekly
Daily
3-Hour
SP500 Future (ES) W/D/3-h Charts (03/08/14)
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