ES Daily: We have managed to stay above the 200 MA, but have not officially closed above the 1/6/2009 high of 942.75. We are also finding support from the recent 5/7 high of 929.50.
This may be hard to see, but the 1.272 ratio is popping up often in recent moves.
We are still within the fork and getting squeezed by that 942.75 level. Could Monday finally give us our pop above it? Being that Friday had such a rally and wasn't able to close above 942.75 makes me hesitant.
Areas to expect reaction for Monday:
- 917 (200 MA)
- 920 (micro 1.272 fib ext down)
- 929.50 (recent 5/7 high)
- 934.50 (recent pivot and bottom of fork)
- 942.75 (1/6/09 high, near tomorrow's PP)
- 956.25 (micro 1.272 fib ext)
- 963-965 (micro 1.618 fib ext)
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