ES Update

Screen Shot 2016-04-19 at 9.02.20 AM

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Starting with the weekly ‘roadmap’ chart…

ES has broken out above the LT/IT trendline resistance and is approaching the all time high level at 2100.

 

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Screen Shot 2016-04-19 at 9.03.32 AM

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Zooming in to the hourly bar/range chart we can see that just above the all time high at 2100 is where the bear stops are resting–and then just above that line is the top rail of the rising LT/IT parallel channel, currently near the 2103 area.

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Screen Shot 2016-04-19 at 9.03.52 AM

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Moving in a little closer to the hourly bars, we can fine tune the support levels below at 2093.25, 2088, and then the top of the old ST range at 2071.50.

 

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Screen Shot 2016-04-19 at 9.15.49 AM

With the recent movement of the ST primary trend line back above the IT line–Stops and Targets is now back to a fully-bullish Bull 10 rating on ES for the first time since August of 2015.

Let’s see how it goes next with the bear stops above 2100 and then the top of the rising parallel channel currently near 2103.  FYI, the next FOMC announcement is scheduled for April 27th, so keep that in mind here at the top of the channels.

…my .02

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