Thursday, April 25, 2013

ES - tomorrow is important

SPY put in a shooting star candle today on higher volume, so coupled with yesterday's doji, we've seen some distribution, so I'm expecting lower prices.

On ES futures, 1576.5 which was today's low becomes key, if taken out tomorrow, I'd expect 1571 first which is another strong support level, and below that comes  flash crash tag of 1557 to be tested.

On ZB, 148'08-'09 is now key for more upside. A break above brings 148 '16 into play, and then the spike to 149ish. Below, we have the 147 '20ish level which was strongly bought(hammer bar, higher volume on that bar) as support.

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