Tuesday, June 15, 2010

June 15 2010 ES Prep Posted


Premise for today is to see if 1084.50 inside support holds. If it holds, look for test of 1101.75 high and sideways market 1084.50 - 1101.75 with an upward bias. Keep in mind that we are at the top of the overall range 1037.00 - 1101.75 and due for more of a correction downward. This is a key area. If price extends 1084.50 this early AM look for a test of 1075.50 and 1067.75. 1084.50 is not major support so do not make a stand there. If it breaks, follow the move down and look for inside support at better prices. I am anticipating the price making an attempt to extend 1101.75. If it fails again, look for a deeper correction. This is a quadruple witching week which tends to be a bullish week with one good correction down.

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