Monday, August 27, 2007

Plan for Turnaround Tuesday, Aug 28/07

Read Full Post.....
ES Resistance at 1471-1474, 1480-1484
ES support @1433-1436, 1456-1460

Open gap @1450.25
Open gap @1483.5

NR7 day

ES failed to fill the gap down from the open. Once it could not break above resistance @1480-ish, it proceeded to break down, starting from 1474. That breakdown in the last 20min. of trading was ominous, as it also broke the 1-week uptrend. My plan is to short the retrace of that breakdown.

It's not clear how much support is at 1466, but we should find that out in the next 1 or 2 sessions.

No comments: