The ES_F made very little upward progress for the week. The major theme continues to be the relationship between the USD, cocommodities and indices. Therefore I will not be reiterating previous commentary. Rather, I will provide the weekly charts of the Dollar, Gold and the S&P. Readers can review the archive section for the month of October to obtain a greater understanding of the "all in one" relationships between the currency market, commodities and index futures.
Here's the market position for the ES_F as of 10/22/10.
Momentum: Remains OB on weekly. Daily time frame has made a bullish momentum reversal. 60 min chart level has also made a bullish reversal.
Pattern: final wave.v of wave.c of wave.(2)
Time: The previous time relationships were negated.
Trade Strategy: Slightly bullish due to the triangle breakout following the period of low volatility (see 20-min. chart). Absence of any 5 waves down from 1186.25, I must favor the upside. However, the higher percentage trade remains a flat position but looking to establish a bearish position as momentum indicators and price confirm a top is in place.
Other weekly charts:
Best of Trading
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