Channels and Patterns: ES Resistance 1092-4

- 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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Tuesday, 17 August 2010

ES Resistance 1092-4

I'm expecting a positive day today, though the gains may well be given back tomorrow. Looking at ES, I'm seeing resistance for today in the 1092-4 area:

dreadwin pointed out a bearish engulfing candle on $RVX, the volatility index for the Russell 2000. This adds to my feeling that we have seen a low now that will last at least until the end of the week: