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ES and Oil Still Attached at The Hip, but Bumping Against Important Resistance

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Just after 10 AM ET, ES (Emini S&P 500) popped to a new, recovery-rally high at 1943.00, taking out the Feb 1 high at 1940, which also looks like it completed the larger "W" bottom formation. So far, however, the climb to new highs has not triggered upside continuation and acceleration off of "the bottom" towards a potential target zone of 1970/75. That said, disappointed longs likely will not pull the plug unless, and until, ES breaks nearest trend- line support, now at 1915.00.

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