Thursday, January 29, 2015

My Daily Notes ~ $ES_F $DJIA $SPX $NDX

***** Watching the $ES_F futures complete the pattern Thursday, the predictable bounce took place reaching both the low and high target price. Expecting hesitation at the resistance on the high, but this pattern would usually go higher in the coming days.

The $DJIA is what gives us pause with the double bottom reaching lower with the tail. Although it recovered on Thursday, it too is now at major resistance and possible top, and there could be a test lower to the 17060 area, with a possible lower breakdown, but it's too soon to tell. For now, concentrate mainly on the resistance and bottom bars of the past two days.,

$SPX  and $ES_F is much alike of course, but above the trendline it may get enough support to stay aloft. Watch the 2000 on this one.

Finally with the $NDX at trendline resistance, I'd watch for a possible test of the 4090 level.

Happy Trading, Living and Dancing

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