ES MARKET LOOK 3/15/12

The ranges were again active as PA moved down the range run going into the US Open.  B4 reversal provided a nice run to test the long.  A MAXT reversal at the LB was the short call, however a new HL with a price gap to the SB signaled new long interest,  Those that do not try the ranges were given a long signal at B32 close above the LB.  B27 was used by EMA buyers, although B30 was a better choice as it was a reversal of B29, another HL, and had a PA gap above the EMA.  We also had an ascending wedge with the LB as the top.