Market Update, 2009.08.16 (ES Daily)

16. August 2009
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ES Daily - Not counting fibonacci retracements, extensions, and projections mentioned in past posts, we have a "Adam & Eve Double Top" on the ES daily.  The red arrow indicates a past HIGH that is causing resistance ("Adam").  The blue arrow indicates a past CLOSE that is causing resistance.  Closes are important since some traders only focus on the daily close when making their longer-term trades.  These levels seem to be causing a rounded top in our current price action (black arrow, "Eve").  Could this be another sign of a change in trend?  Or, is this a bull flag before a pop higher?

 
 
 
 
 

Market Update

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