1495-1500 area serves as near-term resistance. Swing high = 1558.75 Recent low = 1437.25 50% retracement = 1498. 1495-1498 served as support before caving in (acc to 60 min charts); what was once support is now resistance. No positions in ES for the moment.
hpq earnings should be good...come out this coming monday. I was looking to get long underneath before the earnings. The earnings will be good, but the guidance wont be... if you go to your local comp store, and even ask around most of the comp purchases are already in and have occurred in the past 6 months or so. Secondary to the macro guidance by the pundits most are putting off purchases till economy picks up.
notice if you keep an eye on the MA's as a form of risk management and bias, its hard to go wrong. again like any professional you need to know when to use certain tools.
In August and June it broke down through the 200 MA and ran right back through it. Very difficult to say what will happen since the market pulled back to it and kept on going 2x already..