Tuesday, February 26, 2013

Sellers Finally Enter Market With Some Conviction

Following yesterday's bearish engulfing candle which dropped the ES (H March Contract) below the key 1490-1491 support level, I feel very confident that the ES has further to go to the downside.

I'm considering shorts at 1495-1496, 1500-1501, 1505-1506

First target to the downside is 1471-1472 where I will consider long entries.

I will also be watching lower support levels at 1455-1456, 1438-1442 and 1425-1428

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