Friday, November 11, 2011

Pre Market Update

Pre Market Update

Let's see if cash can clear 1252 first at the open. As posted yesterday, a target of 1266 is likely due to the reasons provided.

ES 15 min
Need to keep an eye on this diagonal forming on ES. It certainly qualifies as a bearish pennant.

ES - 60 min
However, when looking at the bigger picture, this bounce may be part of a complex wave d of a triangle or a leading diagonal wave a of d of the triangle.
DX
The dollar's -ve MACD divergence is materializing, however the depth of the pullback should be monitored since it so far looks corrective.
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