Market Update, 2009.06.10

10. June 2009
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ES Daily:  I'm not a big follower of candlestick formation anaylsis, but four (4) doji stars in a row must mean something.  If nothing else, great indecision.  In other words, Friday through Wednesday each had a candlestick body where the close was very close (if not the same) as the open (see circled area).  

We are also still within the fork and still being contained between 1/6/09 high and the  5/7/09 high.  Is this tight range a bull flag?  Or, are we seeing doji stars before a trend change?  I'm looking for a close above 942.75 or a close below the bottom of the fork to give some insight into which direction.

Remember Thursday is contract rollover day. 

Lesson

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