SP500 Future (ES) Charts (04/15/14)

1.  Yesterday's bullish reversal pattern has been confirmed today.  We have witnessed some interesting fights between bulls and bears (see 3h chart) this morning.  The close was right under the 44 resistance.  Since ES is still in oversold territory, indicators are mixed and momentum is rising, the likelihood of bulls pushing through 44 is pretty good.  The major resistance of 68.5 will be a very challenging task if bulls are able to get over 49-50 first.

2.  ES went through some wild swing this morning as bulls and bears are fighting hard.  Eventually bulls won out and closed the day way passed the 33-4 level I mentioned yesterday.    Indicators are bullish however ES is up against the TOL also 44 resistance.    PL is poising to cross or bounce off TBL.  Bulls have the  momentum on their back so I think the chance bulls get over 44 is good.   If bulls can stay above 49-50 the chance for a shot at 73.5 is pretty good. 

3.  RS levels:  88.5, 81.5, 77, 73.5, 68.5,  56,  49,  44,  31.5, 23.5, 16.5, 03.25, 1797,  and 1771

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