Good Morning Traders, hope you guys are doing well in this market and using are informative guidance to help guide you through. Analyzing this chart the inverse head and shoulders pattern is still in place and actually is looking pretty ripe. We are oversold and we have some trap action on the candles from the back-test. The chart below is a 4hr chart of the /ES S&P 500 futures. This time frame used side by side with our proprietary channel analysis is doing numbers right now as it is giving us more confirmation on signals that we are getting and allows us to see which way has the least resistance or the most support ect.. Right now holding as support is this 1296 area and we are currently trading at 1302. In my opinion, I think the market will start to float up and that the rest of the week will be kind of choppy. Me personally, I really think most of the trade opportunities to the short side are done because we have had a decent pullback. I now think you want to be looking at strong stocks in strong sectors that have sold off and now oversold. If we can recapture this 1300 area and get back above 1308 that would be bullish as well. If we break 1296 next minor area is 1292 and then around 1280. Play it smart and don't be in a rush for this week is a short week. One thing that I have learned is that everyday is not always an opportunity and thats when you have to be able to diagnose whether you trade heavy, light, or not at all. Have a good days ladies and gents and join the Facebook:Channel Guy Trader .........Page and our twitter at AskChrisHeTrade ( No S at the end of that twitter username). GL
/ES 4 Hour Chart
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