4-30-13

April comes to an end with a bullish tone.  Earnings still shine, albeit estimates were pushed down by prior economics, and the estimates will start "inching" upward and not seem as favorable.  It's a swing thing as the estimates move from over/under, to neutral, to under/over.

Another FOMC coming, but no surprises seen there.  Euro Zone countries still in an economic struggle mode, and we (read all) continue to think debt will continue forever.


TODAY:

ES opens with a rejection of the 1589 level and a 50CB is created at the 20EMA on bar 3. Price consolidates in the 81.5 to 82.5 area setting up the +8 to +10 professions seek in their trades.

A nice trend line developed from the 50CB on bar 13 and provide the basis for the +8  move prior to the EMA pullback in the late A.M.

More consolidation around 88.5 followed by a +4 push by the longs before the sell off to test the 88.5 support.  he final 50CB broke for another +4 run.