Saturday, March 16, 2013

ES outlook for next week

For next week, my outlook is negative for ES, but wait for key levels to be taken out to short, instead of being short and waiting. We have the FOMC day this week as well which will set the intermediate trend for sure.

5 min charts for ES show good support for ES around the 1548 area, a short once that level breaks would be a higher probability trade.

From a longer time frame view, 1542ish has good support, below that is the 38 area, break of which would take us down to the area where the last sell off started, around 1525.

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