Channel Guy Trader: Stock Market Technical Analysis for 04/27/10

The /ES looks to be attempting to breakdown out of the bearish rising wedge as you can see on the chart below. We have a couple of companies out that came out with good earnings this a.m so we could get a little pop at the open, that will give us an opportunity to short at a higher price. The fact that everyone notices that we are not getting some selling pressure, they are not going to make it easy. Therefore do not chase and short highs and not lows. With that being said, yesterday was a great day for us over here, and we are expecting another one today. We will be patient and wait for the setups to show up. We have consumer confidence at 10 am, which can lead the way for market direction.