The SPX Futures (ES) continue to downtrend. While ES is
attempting to form a falling wedge with positive divergence, it has
yet to break out of this pattern as it seems to lack such a
catalyst. Respect the current trend but be cognizant of this setup
in the event we see buyers step in.
tanjam - they did break out of the small wedge (short term time
frame) but not the larger wedge as yet. If trading futures you need
to have the ability to see this youself and not ask.
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SPX Futures Watch
Posted by steve on 25th of Nov 2011 at 08:40 am
The SPX Futures (ES) continue to downtrend. While ES is attempting to form a falling wedge with positive divergence, it has yet to break out of this pattern as it seems to lack such a catalyst. Respect the current trend but be cognizant of this setup in the event we see buyers step in.
Steve have we broken out of the wedge on ES?
Posted by tanjam on 25th of Nov 2011 at 09:28 am
tanjam - see my comments
Posted by steve on 25th of Nov 2011 at 09:31 am
tanjam - see my comments below as they are still valid. What are you trading? If trading ES you need to be able to see this for yourself.
trading spx but trying to stay on top of everything.
Posted by tanjam on 25th of Nov 2011 at 09:37 am
If you're trading the SPX
Posted by steve on 25th of Nov 2011 at 09:39 am
If you're trading the SPX then you need to watch both with emphasis on the cash market.
Did they just break out of the wedge???
Posted by tanjam on 25th of Nov 2011 at 09:04 am
tanjam - they did break
Posted by steve on 25th of Nov 2011 at 09:17 am
tanjam - they did break out of the small wedge (short term time frame) but not the larger wedge as yet. If trading futures you need to have the ability to see this youself and not ask.