Daily Archives: August 17, 2010

ES Resistance 1092-4 (by Springheel Jack)

By -

I'm expecting a positive day today, though the gains may well be given
back tomorrow. Looking at ES, I'm seeing resistance for today in the
1092-4 area:

100817_ES_15min_Megaphone

dreadwin pointed out a bearish engulfing candle on $RVX, the volatility
index for the Russell 2000. This adds to my feeling that we have seen a
low now that will last at least until the end of the week:

100817 RVX Daily Bearish Engulfing Candlestick

On EURUSD we have a decent short term rising support trendline with current support near 1.284:

100817_EURUSD_15min_Rising_Wedge

AUDUSD has broken up from the broadening descending wedge of recent days and looks like it may well reach 91 today:

100817_AUDUSD_60min_Wedge

The key resistance level to clear today is at 1084.5 ES. If ES can make
it up past 1090, then 1084.5 may well turn into support for tomorrow.