There’s a weak looking setup on ES coming into this week. There is some negative divergence on the 60min RSI, a possible rising channel from the last low with channel support currently in the 1688 area, and ES is testing the 50 hour MA in the 1700.75 area to see whether it will hold as support. As long as it does then bulls have the edge, but if ES breaks below the 50 HMA ten there is a possible short term double-top trigger level at 1696, and a target in the 1687 area on a break below that. I don’t think a significant high is in yet so if we do see an early retrace I’ll be looking for a good long entry. ES 60min chart: (more…)
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