Tuesday, April 2, 2013

S&P 500 E-Mini Chart (ES)

S&P 500 is still solidly in an uptrend on the daily chart. As long as price remains above the band (see chart below), the better trades are to buy pullbacks. 

However, it is in wave 5 up from the November 2012 swing low. Once completed it should reverse and tank hard. The 2 prior tops, April 2012 and September 2012 requires a re-test of the high before before it tanked.

ES Current Daily Chart