Monday, December 18, 2006

ES #F Analysis for 12.18.2006

Strong uptrend in place. Price is above all the important moving averages. UTL (up trendline) in place. Current resistance is at 1445.00. Next upside is .886 at 1482.25 area then test of all time high at 1574.25. No sell signal in sight.

Up trend remains intact.

Possible 5 waves up into resistance at 1445.00 from low of 1378.50. Exuberant buying on Thursday brought out the sellers on Friday with the 1445.00 new high. Doji at the top is a warning for next week. Monday opened with sellers in control, but found support at prior LIS at 1432.00 (prior resistance) where early buyers came back in the late afternoon. Candle pattern formation created with today's price action is an evening star. Look for evidence of continuation downward tomorrow.

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