- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Wednesday, 30 June 2010

Dr Copper says more downside

ES went below the May low yesterday and if the copper chart is anything to judge by, there's more downside to come, as the copper futures just broke out of a small rising wedge on the 60min chart:


That fits with what I'm thinking here on ES, that we will break down through current support at 1033 ES with conviction and drop to test strong support in the 990 - 1000 ES area.

The RSI looks oversold on the ES 60min chart after hitting a significant low yesterday, but before we see a bottom on a move like this I'd expect to see the ES daily RSI in oversold territory. We're not there yet, though a drop of another twenty points or more would get us there:


 I'm travelling all day today. Everyone have fun!
Posted by Springheel Jack at 08:52
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