Monday, 21 May 2012

Another Decision Day

The indices hit support on Friday and today we have another decision day. The ES support around 1290.00 was reached and now we need to see what happens next. The first pic of the SPX shows the state of play.

I'm just trading the trend of my one chart, as usual. The London open of the DAX was undecided and price looked at both sides inside Friday's VA before breaking out on the upside. The market looked like it wanted to go up even from the open, but initially sellers left over from Friday took the price down. The buyers then confirmed the order flow to the upside as the VAH was taken out and the FavFib exceeded showing confirmation.

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