Slope of Hope Blog Posts
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Further to my last weekly market update, here is a summary of where money flow ended for Week 4 of April 2012.
The Weekly charts below of YM, ES, NQ & TF show that all four closed higher than last week's high…in fact, this week's candle on the ES, NQ & TF are "outside" bullish candles with closes very near their high…highly bullish setup. The ES closed right at the lower uptrending channel and the NQ closed above its upper channel…we'll see whether the ES can re-enter and stay within the channel to continue a rally…I'd be looking for the ES to hold above this week's high of 1403 in this regard. Otherwise, a failure at this level could send the ES down to the middle Bollinger Band at 1338.