If I were a serious technical analyst this chart might look really interesting… or scary. The ES (SP500 Futures) has clearly moved into a new trading range, with increased volume supporting it. We are tapping on the pink line of resistance, but the volume has become unimpressive as price has moved up.
Interestingly, if you look at the longer term view, we are now trading in the range where we spent most of 2010. Should we break below the grey box… look out below! It’s a long way down.
This morning I entered the market with only short positions, and quite a few at that. It wasn’t because of this picture, but this sure makes be feel better… and today was a pretty good day.
Good Trading…
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