SP500 Future (ES) Charts (04/07/14)

1.  The support between 51 and 60 zone failed to stop sellers and ES closed near the lower trading band and below the important 44.  It appears that ES now is trapped in a wider trading range between 1890 to 1820s.  Although PL has not crossed TBL yet daily indicators are now neutral.  We have 1 daily close under PL now and if we have two more closes under PL the crossover will likely happen and bears will have the upper hands,  especially if 1811.5 support is penetrated.

2.  ES is extremely oversold now on 3H frame.  A fast rebound did not happen and now the bullish scenario have to be re-evaluated.  Rainbow is rolling down now and 3H indicators are bearish.  The 34.5 support outlined before was tested and hold so far.  If bears can get through it the chance for a test of 11.5 is high.

3.  RS levels 88.5, 81.5, 77, 74, 68, 62.5,  58.75, 51-2,  48, 44-5,  41-2,  34.5,  28,  23， 11.5


Daily


3-H