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Saturday, April 9, 2011

ES looks like it could roll over.

S@P futures look like they could roll over here. ES needs to hold 1318 if it doesn't I will really lighten up longs and add shorts. On the chart you can see the lowest fib fan broke on Friday and so did the channel. Looks like we could backtest and fail to the downside. On the positive side if we hold at 1290 an inverse head and shoulders would be in play. The volume has been light which could have been a consolidation and will break out to the upside.