Tuesday, May 29, 2012

ES ~ Globex Update ~ 29 May 2012

The ES is up pretty nicely at the moment and is trading at the resistance at 1328 right now. If 1328 is breached a rally to the huge resistance at 1340-45 is likely:

As you can see in the chart the rally from 1287 looks like a wedge. So despite the 40 handle rally I wouldn't get too bullish yet. I'm still waiting for a break of 1340 (to 45).