Thursday, May 17, 2012

ES ~ Pre-Market Warm-Up ~ 17 May 2012

The futures sold off again overnight and hit 1316 about an hour ago. Since the break of the range (1345-63) the ES has been trading within a channel. Until it breaks I remain bearish:

If we zoom out a bit we can see that 1300 and 1320 are support levels. If we are indeed in a fourth wave then one of these two levels should mark the low of wave 4.