Tuesday, September 25, 2012
Consolidation Continues, Next Breakout Higher Awaits
The 1444-1445 level on the ES did result in a buying opportunity last week, but the gains were limited as the ES failed to break higher and out of its current consolidation range (about 1445-1460 give or take a couple points). Market is susceptible to a lower low from here, so longs have to be a little careful in the short-run. If ES can dip down to the 1335-1338 area in the coming days, that would provide a lower-risk long entry. It remains a very slow market with limited opportunities. The key is patience. It is important to remind ourselves to await good setups and not force trades. I continue to favor buying dips into support in anticipation of a break-out move higher.
Subscribe to:
Post Comments (Atom)
ES reaches target quicker than I thought... this is a buy in the 1335-1338 range on the ES (Z December Contract). Support looking good... waiting for confirmation
ReplyDelete1335 ES failed to hold this morning, but solid support remains underneath. I continue to like the upside potential now as ES trades near 1330.
ReplyDeleteThere has been more damage done in the past two days than I anticipated. Bottom likely in for the day, but the buying enthusiasm at these levels (below 1430 ES) is unenthusiastic. Buying needs to pick up for me to maintain my bullish outlook. A close today back above 1435 ES would be a good sign. We'll see...
ReplyDelete