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rimshot

06/11/12 3:04 PM

#12 RE: rimshot #11

ES 240-min chart, 3 pm eastern time June 11th update:

the 240-min chart is looking weak based on two viewpoints, and the chart is
potentially setting up for a "staying power" condition for further price weakness until the chart configuration reverses to a more bullish potential

the two viewpoints are:

1. the declining sequence and pattern of the recent six bars including the current incomplete bar with a price low of ES $1310.25

2. the location of the recent eight price bars relative to the current location of the key moving averages I have mentioned here in prior posts for all the ES chart time frames

there is one other metric that I am not willing to share that is a trend ID overlay, and I am also considering this info. in the chart assessment

fyi - the 240-min chart's 200ema value is now $1328.45

AND

the 21ema value is now $1314.50

imo