Monday, June 7, 2010

ES ~ Intraday Update 7 June 2010

Overnight the ES declined to 1052. From there it rallied up to the 1070 resistance area and got rejected there. I labeled this as wave [A] of ii, it's possible though that this was the whole wave ii.

We haven't had any retrace in the SPX though so I think we have to rally a bit more first before the decline can continue.

Targets for wave [C] are 1070 and if that's breached we could go up to the 1085-90 area. If the ES breaks below 1058 again we should test the overnight lows at 1052 and then the May lows.