Monday, August 16, 2010
Bearish Bias Remains
We have seen two days of consolidation now since Wednesday's sell-off and a bear flag pattern remains in effect. Something of note is that the ES traded down to 1068.50 last night in the GLOBEX session. This is 1.5 points off the top of the gap fill zone from 7/21 and you could argue that it is a potential low. It seems the market has always been a few ticks away from each of my major support/resistance zones of late. But I still expect that we trade into the 1060s again. If we break 1060, we could see 1050 next and possibly down into the 1040s. But for now I will be looking for long entries if we break below 1067. I will post if I take any swing long entries.
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