Monday, June 27, 2011

S&P (ES) At trendline 6/27

S&P hourly chart is approaching the trendline that was set by the last couple days of action (shown in yellow). We also see we are right at the deep retracement (@1279.75) for our recent down move from the peak wednesday at 1294. Any good formation here and I think it would make for a good selling opportunity, although with such easy resistance found I would not be shocked to see big players push this higher only to see it fall right through the trendline later.

EDIT: Not mentioned in the post or shown in the chart is the fact that the MACD has pulled back to the same height as the previous peak from Friday, while price is a good 5 points lower, not a crazy amount of divergence but there is some.

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