Monday, June 28, 2010

61.8% FIB

Potential long entry here, backtest of the broken downtrend channel from Friday which also coincides with 61.8% retracement. Need a strong move higher from here.

10:48AM: slight advantage for bulls at the moment with positive tick and recapture of VWAP intraday. However, price structure still looking very weak and bulls need to take out 1079ES if they want to build an advantage. Till now, we are just consolidating and considering the previous strength in price off our move @ 1130 SPX bulls need a miracle.

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