Thursday 9 May 2013

E mini S & P... Centre line objective remains elusive yet tantilisingly close

CL is pink in this chart below

This is beginning to worry me. That's not unusual but we need to hold above 1622 to 1623 to have a chance of hitting the objective at 1635 today and the momentum can weaken and before e know it we have a sharp move back towards the 1610 area. There are a bunch of downsloping reaction lines that are resisting price moving higher some can be seen in the detailed charts above. I will watch the opening with great care as this could go either way and is starting to look  like a possible down day but i hope not. That's not a problem either as it gives us more long opportunities back up towards 1635 and higher and we have had an exceptional run since last Friday so as long as we do not see a serious corrective move down i will be still bullish for the target of 1635( M13) perhaps today or tomrrow.
 Video midday EST.(5pm London)

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