Nice rally, especially for ES and YM. NQ managed a close right at the 20 day moving average. The jury is still out whether or not this is within the bear flag pattern we have had since the April high. Bulls need to see a break and close above 1727.50. Bears want to see a failure right here. My bet is still with the bulls as long as the SOX holds 525. As for ES, we have a clean break above the inverse head and shoulder neckline (see yesterday's post) and should 1320 hold on subsequent pullbacks, there is upside potential to 1350. That could take a while, but keep in mind that the DOW is now within spitting distance of its all time high. Fed fear should creep in on Monday, play the range.
This entry was posted
on Friday, May 05, 2006 at 6:20 PM.
