|5 min ES|
Same prices different week… happy friday..The S&P’s have hung out over 1210 since early thursday morning gravitating to the 1210 level where a majority of the volume yesterday and today was executed. The ES has remained ABOVE the hypotenuse (dashed line) break-over point @ 1205.50 for nearly 48 hours.
This info should tell you to keep this level in mind for support as well as a sell stop area below.
On the upside 1220-1225 is a level where sellers have been lurking and as stated above 1210 area for buyers.. to keep it simple you could wait for a break either over or below these two metrics to determine the trend for next week. The holding pattern has been solidified by a moderately quiet currency market the last two days, but remember never trust a dull market.