April 21st 2006
Pre- Market Update - ES, NQ, & YM
The S&P 500 Futures (ES) )- 60 min chart
The 60 minute chart of ES illustrates that it is in a Reverse Symmetrical Triangle pattern. This is the fractal of the larger pattern in multiple time frames. There really is no such thing as an F, G, H. I made this up so that you can visually comprehend how the pattern may play out. One thing that I would like to point out is that the MACD is getting stronger with price, it is higher now than it has ever been. ES is very close to new 52 week highs. This pattern is on the verge of gaining speed, and moving into a fast market. At the beginning of the week the Es was at 1280, it has rallied up 40 points which is parabolic. Try and not to trade your self in and out of this market and compound you losses. Ride the bull and try not to get kicked off. Manage your positions which is easier. I am still reiterating that the ES price target is 1304-1334. Remember, bulls live above 1246.
NASDAQ 100 Futures (NQ)- 60 min chart
On the 60 minute chart, you can see that the NQ is putting in a wave of 4 pullback in a slim jim pattern. NQ is in a sideways coiling pattern. GOOG is already up over 40 points today. TZOO has also rallied to $40.00. How can NQ keep going higher without INTC & DELL participating? Well, somehow NQ will.
Dow Jones Industrial Average Futures (YM) - 60 min chart
The 60 minute YM chart illustrates that it has gone parabolic up since it crossed 11350 cash. You can see these shooting up uptrends, and then YM pulls back to form bull flags. YM futures are up over 11400.
Also remember to check out the 10 CD's that cover the BOOM to BUST cycle with Nick Russo & Dr. Janice. You will not understand this cycle until you listen to these CD's, and it is going to play out over the next 2 1/2 years. This is something that is very important, and you need to be informed about this cycle.