Below 1955... bearish failure. (there is a trendline connecting 2 last lows, that I didn't draw. Currently 1956 or so)
Edited by ogm, 08 August 2007 - 07:08 AM.
Posted 08 August 2007 - 07:06 AM
Edited by ogm, 08 August 2007 - 07:08 AM.
Posted 08 August 2007 - 08:13 AM
Posted 08 August 2007 - 08:19 AM
for ES it looks 1494 is critical and clearing/closing above would imply that a bottom is in. However it could easily poke above it luring people in and then go make a higher low.
I dont know if I agree with you about not touching shorts though, the higher low could be a very swift ordeal amounting to 30-40 es points.
Posted 08 August 2007 - 08:30 AM
for ES it looks 1494 is critical and clearing/closing above would imply that a bottom is in. However it could easily poke above it luring people in and then go make a higher low.
I dont know if I agree with you about not touching shorts though, the higher low could be a very swift ordeal amounting to 30-40 es points.
I simply think its too much risk here. With the market beeing deeply oversold, trying to turn, high levels of anxiety, and WWW. Whats the potential ? Another retest of the lows ? And then another bounce ?
Not worth it.