ES One More Thrust Up Tomorrow

By spycharter On Friday, 20 January 2012, 7:51 PM · 3 Comments

I don’t have much insight on ES. I don’t see any reason for ES to pullback tomorrow. Today actually looks like a day of hesitation before ES makes another 10-12 point move up tomorrow. The only reason I can think of that ES would not rally tomorrow is if the Euro sells off. The Euro chart is a little weaker looking than ES and it could drop tomorrow. Still even if the Euro drops I’m betting ES simple moves sideways to slightly up. The Euro weakness hasn’t affected ES much this year.

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  • Jason K

    The market overall has had an irrational feel to it since Oct.  I recall feeling the same trepidation about entering yet a pull-back never came from the Oct 4 low until a 100 point climb.  You keep asking yourself if you should jump in along the curve.  I dont think there will be any meaningfull pullbacks outside of a day being down and then I note buyers jump in at the end of the equity market close followed by gap-ups.  One reason could be the leveraged ETFs that put pressure on market direction by swing traders.

    On a side note, how long do holders of es stay long?  Do futures contracts have a limit on how long you can own them?  A week?  A month?

  • Deep Dolphin

    Gold is coming back down!!!!!!

  • http://spychart.net spycharter

    ES futures contracts expire every three months. As for how long traders stay long ES- well that depends on the trader. Some trail their stops at the previous day’s low. Other’s put their stops below the previous swing low (anywhere in the 1200-1280 range).