Thursday, March 26, 2009

Raging Bulls

Thursday the market chopped around and seemed to be losing steam midday until the last hour rally again had us close at the highs. Really amazing how this market lately has just been able to rip higher when a few months ago would have just rolled over at the first sign of weakness. Now the weakness is being bought. Something different we have not seen in a while and if you do not watch the action intraday you dont realize this. I continue to like this price action and think that they could really push this thing Friday if we get any momo behind us. The 60 min chart is bullish, the 30min, and the 15min chart all point to more upside.

Friday's pivot on the ES trading hours is 822.75. Like always the pivot is the line in the sand and should dictate the day's bias. I think if we stay above the pivot we could see some nice upside going into the weekend, perhaps up to the 850 area would not be out of the question. If we fail to get over the pivot and break 816 of so then I think they could push it down to 800 at the least quickly. Either way it should be an interesting day but my bias is higher.

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