on the daily chart, the price action is still drifting up inside the wedge, these usually end up with a sharp move when they give up. the 60 minute chart shows the breakout which compliments the triangle on the daily chart, and seems to lend itself to a bulllish posture. All this is BS. What counts is what happens next as it unfolds. The trend can change at anytime, when it does, the immediate previous support will be used for resistance. the first sign of trouble for the bulls will be a 100% retracement back to the last minor bottom [LMB]. then a break, then it gets used for resistance. right now that spot is 825, as time goes by and the chart changes, that number will change to what ever the last minor bottom is. it pays to keep track of those things.
ER2 charts
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daily chart here, 835 is barely hanging on for support, if this level gets broken and used for resistance, then down we go and the wedge breaks. we should see a sharp move one way or the other very soon. 838.7 was the all time high, so far the price action has not broken it decisively and used it for support....there is a divergence between this index and the others. some will try to read into this as lagging small caps will lead to a market decline....I wouldn't do that....just trade each chart on it's own merits.
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ER2 acts very,very short today. Of course it was sold harder than any other stock indice on Monday. Went all the way down to touch its 100day MA. Without exception the other indices not only could not reach their 100 day MA's, they couldn't even sell down to their 20 day. Not suprised to see a strong short cover here
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bh_trade wrote:ER2 acts very,very short today. Of course it was sold harder than any other stock indice on Monday. Went all the way down to touch its 100day MA. Without exception the other indices not only could not reach their 100 day MA's, they couldn't even sell down to their 20 day. Not suprised to see a strong short cover here
I dunno...i saw the bottom patterns start kicking in and playing out on the 600 tick chart when it tested that open gap again. bears seem very timid and easily spooked. bulls seem to jump in on every dip, so that's the play till it quits. max upside for that flag is 842......
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