Wednesday, April 30, 2014

Morning Charts 04/30/14 SPX /es

Only got time to throw up a few charts this morning.

Minis 60m - I moved the white falling channel. Still not sure if I like it as price is really wandering between major resistance and uber major support. 1875 to 1878 remains key resistance at the upper end of the blue falling channel that has dominated things for a couple of months. Support starts at 1853 and then moves to 44, 39 and 33 (I'll get more precise if necessary). I still prefer down but there is a possible (ugly but possible)  IHnS or CnH in that formation. Looks like the 1900 STB point is a goner. Glad we got the 1844 one though. IMO, price in a nervous market is consolidating looking for direction.

More to come below.

Have a good day.

GL and GB!

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