SP500 Future (ES) Charts (04/22/14)

1.  The 74 target spelled out on 4/15 has been reached today.  Although the intraday high was 78.75, ES liked that target and closed the day at 73.75-- a lucky guess I suppose.  Anyway we are left with a green candle with all indicators in bullish mode now.  PL starts to rise again and a test of the pervious high or the upper trading band is very likely.   I did not spell out the next target in 4/15, which is 1913.50.  If ES can consolidate here a bit, the chance of a run for a new high or 1913.5 is very good.

2.  ES is a bit overbought on the 3 hour frame after it made a higher high today.  A throwback to the triple lines can produce a higher low which will be welcomed by bulls I am sure.  Will it come before or after new high remains to be seen.    I think the earlier the better.

3.  RS levels:  85-87, 81,  68.5-70,  60, 57.25, 51.75, 47, 30.5, 23.5, 16.5, 03.25, 1797,  and 1771


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