* See UPDATES below...
As at 6:30 pm ET tonight (April 11) the S&P 500 E-mini Futures Index (ES) is trading just below a couple of intraday resistance levels, namely, 2649.51 (40% Fib retracement level) and 2660 (triangle apex), as shown on the following 60 minute (extended hours) chart. The momentum indicator is just above zero.
We'll need to see a clear break and hold above or below this triangle, with corroborating momentum, to gauge direction and sustainability. Whether that happens by Friday is anybody's guess at this point, particularly with the Syria issue still developing.
* UPDATE April 12 post-close...
As price closed higher today, we now have a potential reverse Head & Shoulders pattern formation on the following 60 min. intraday chart of the ES.
2675 (price and IHS neckline resistance) and 2680 (50% Fib retracement level shown on above chart) are major resistance levels that will need to be broken and held in order to, ultimately, complete such a reversal pattern.
If a reversal is actualized to its full extent, its measured move target would be 2800, as shown on the daily chart below. Whether that happens, and when, is anybody's guess.
* UPDATE April 17 @ 1:15 am ET...
Price has broken above its 2680 IH&S pattern neckline/major resistance level, as shown on the following daily chart of the ES. Its momentum indicator has now made a higher swing high, as well, hinting of further strength ahead.
A hold above 2680 will be important if its IH&S target of 2800 can, potentially, be achieved.
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