/ES trading along trends

These drawings I have here have been doing a pretty good job at anticipating support, resistance, and reversal points.

S&P Futures looks like they may be in for a reversal (/ES)

/ES - Looks to be hitting a key level and starting to trade sideways.  The week may close S&P lower.  The 1 hour chart is above, and a 4 hour chart below.

Markets ready for a bounce?

The S&P has been moving like a roller coaster recently, but it looks as though 1295 is proving to be a key level

Wheres the market heading?

E-Mini S&P 500 Index Futures, March 11

Voice your opinion in the comments.

Krames

Today in review.

Wheat pulled back slighty, /ES continued on up though slowing down its haste. 

Volume of trading on /ES was lower than the norm, only reaching 1.42MM at this current time for the day.  Being the summer, many people are on vacation and friday being the start of the weekend, I think you can attribute some of that to this.  The Relative Strength Index has slowed down its momentum and is sitting at the midway point with a rounded off top due to the almost neutral day of trading. 

Keep an eye on wheat though, a good entry may be coming up but not before a little more of a pullback.

Enjoy the weekend.

-Krames

Market making strides?

Dow  has made it past 10,000 (again) with a nearly 300 point upday, and the S&P popped up a nice 32 points giving me solid gains on my /ES position.  Seems that trendline convergence I posted here seemed to be showing somethign after all.

Now if you look at commodities at all, you would have noticed the way wheat futures have sored recently; is it past key levels? Wheats rocketing up in the recent trading days seems to have passed  it easily through points of resistance from the past 5 months, as well as a fairly long term downward trending channel. 

Is now the time to buy?  If you ask me, not quite yet.  The volume in these recent days looks to be a tad higher than the norm, and if you take a look at the RSI indicator it shows signs of overbuying.  I think we might see these wheat futures possibly rise a tad more, but fall back its previous resistance levels of 512-520.  I do think that these will as a result shift to support, and promote further uptrending for this Ag Commodity.

- Krames

/ES Trend Line Convergence

Has the market hit a key point of multiple resistance lines, and could it be in for a rebound up higher?

Looks like it.  Voice your thoughts in the comments.

Head and Shoulders

Head and Shoulders.

CLNE

Investopedia - "The "head-and-shoulders" pattern is believed to be one of the most reliable trend-reversal patterns."

Is the market looking at further sell offs to come?

/ES

Could bounce off the channel trend line up, or crash right on through... My guess is going through the bottom with all the hype over the "death cross" (50 and 200 day moving averages crossing, which dosent happen often), and all of negativity investors have in the market right now. 

S&P 500 E-Minis

Interesting things may be approaching.  With today being the weeks close we'll see how the markets open after a long weekend.  But lets see how they close today first.

-Krames

ES Long

Went long ES (E-mini S&P 500 Futures) @ 1101.75