Friday 04/17/09 - Where do we go from here?

I only traded the first hour or so on Friday netting a little over +$100 but Trade Station isn't showing me the trades for some reason, so the trade chart won't be posted. I later marked up the 610-tick chart in order to stay current with the price action, and the marked up charts will be posted below.

The big question is, where do we go from here? Looking at the daily and weekly charts, there is strong resistance in the 880-884 area. Looking at the 15-min chart, I'm thinking we may get one more push higher into the 880s, and then a strong pullback (3 drives to a top?). If we break above 884, getting to 900 shouldn't require too much additional effort. I don't claim to be a "market technician", so these are amateur observations. My only other concern is, a lot of traders are expecting a pullback here, which is usually a good reason for the market to push higher (traders enter short too early; then cover pushing prices even higher). Check out the following 15-minute chart and let me know what you think:

ES 15-Minute


In support of the bulls, price did break to a new swing high (872) and closed above the mid-point and volume trend indicating strength. The NYSE TICK also remained above zero for most of the day.

On to the regular charts...

ES 610-Tick bar Chart (Morning Price Action) - Range-bound all morning


ES 610-Tick bar Chart (Afternoon Price Action)


Gap filled within 10 minutes of open


ES/$TICK (3-Min) - $TICK MAs above zero most of the day