Monday, October 30, 2006

ES 30-min trend
























Keeping it simple for now. The 30-min trend is clearly down for now. We need to just let the trend play out. The slow Osc is clearly down, with no positive divergences yet. The fast one is turning down. The key for tommorow is whether we can break the horizontal support at 1378. If we can't break 1378, then the downtrend could be in trouble and we could see a larger sideways consolidation i.e no money for bears unless you flip in and out based on the Fast Oscillators. If 1392 is taken out, then then the correction is over.

Small point change on both the NYSE and Nasdaq MCOs. So it will be an exciting session tommorow.


Bottomline : ST bearish, IT/LT bullish

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