Spx,ES

ES hourly-020612

Weekly charts: ES 60min

Bullish scenario: ES stopped at 1307, which is 

50% RET from High to pre-High and has a target above 1340. Market most likely will go higher to 1340 before a sizable RET.

Bearish scenario: if Friday's low broken, may go to 1301 and an intermediate RET may be in place.

ES 60min

ES close at 1141.5. Both daily AL and intraday AL target were hit. ES also hit the up line of a likely 5th-wave end-diagonal wedge, and two other bigger wedge TLs. Needless to say, there is a huge resistance here . Indicator wise, STO stays above 80 for 5 days now, and negative divergences are every where.

On Sunday night, watch for any pullback to initiate a gap fill trade. If market pulls back to 1136-37, watch closely for buying activity.

On Monday morning, if market couldn't hold above 1136-1137 due to lacking of buying activity, this bull run is done for certain, as breaking this levels also marks the break down of the end-diagonal channel.

Watch DoubleMA signal for initiate spy option trade.