|5 min ES_F|
You gotta love how overnight the futures fell to clear below 1150 from their pre cash closed highs over 1184 only to catch the magic 1 am bid. This 1 am bid courtesy of Asia or some GS interns forces to stay in the office overnight moved our markets back from down over 1.5 percent to up over 1.5 percent while 80% of the volume sleeps and or is on vacation.
This makes perfect sense if you are in the 'know' if you are not in the know you look at your charts and say. WTF did i miss? well you didn't miss anything but an opportunity to make more money trading in the OFF hours than regular session. This is what our markets have come to. I advise you to only trade from 10pm at night till 30 min before cash opens if you want to be handed free money by the GLOBEX gods. #sarcasm
As for the chart above you can see the index is trading up in an ascending triangle with 1184 being the break out point. Over 1185 there are surely buy stops all the way to 1190, if the bulls are lucky the machines are programmed to take this thing to 1200 RIGHT before the weekend. Because you know everyone wants to be long into a weekend where GS is down BAC is at 7 dollars and European bank CDS spreads are blowing out.
|1 hour ES_F . .notice the price broke the downtrend.. but notice the secondary downtrend overhead around1250|