WTF Chart of the Day: Emini S&P and Its Moving Averages
By LawrenceFollowing is the Emini S&P continuous contract with RTH only data.
I have marked the days with matching color to the moving averages where ES has tagged.
Contrary to other traders, this levitation of ES today is not a surprise to me.
This dance of ES price between 2 major moving averages often produce very messed up trading days like what we have over the past 2 weeks – tight range, FBO everywhere intraday, gaps not filled, etc.
This will be resolved once ES move out of the zone bounded by 50 and 100 period simple moving average.
It can happen as early as tomorrow, which interestingly line up with the NFP report and NFP week is famous for its bias.
