Posted on September 16th, 2009 at 11:00 AM
The Daily S&P Futures continue to stagger up and down, back and forth, with seemingly no interest in making a decision on direction. The Weekly chart of the ES, however, stays true to the Type One setup that has been materializing for quite some time now. The rules are still being met, but only by a very slim margin. I am keeping a close eye on the PTI and the Oscillator to make sure they continue to toe the line. As you can see in the picture below, we are holding on by the skin of our teeth to the 140% retracement, and our PTI is sitting at 37. A violation of these rules could mean higher highs, and that could happen this week if we close high enough to push the oscillator through the 140 threshold. We'll check in with this scenario again later this week.
Nate McCartney
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