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ES - Daily Analysis - 7/11/12
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ES - Daily Analysis - 7/11/12

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ES - Daily Analysis - 7/11/12

Here's a daily chart of the ES with some *potential* scenarios that may unfold based on the current market as I see it.

Even though I do a lot of intraday trading, I personally always try to keep the big picture in mind and one of the most important analytical skill sets I have been able to develop is being able to flow seamlessly in and out of multiple timeframes when trading on smaller intraday timeframes.

The dominant trend on the daily timeframe is going to unfold and make iitself felt on each subsequently smaller timeframe, and so knowing the dominant trend helps to add clarity to the typical 15m and 60m timeframes often used to guide trading on the 3m and 5m charts and can lead to some of the best higher probability trades.

Overall, it will be very interesting to see how things unfold into the latter half of the year. Should a correction unfold as I suggest may be possible, it will yield a new low for the year, which will result in the typical negative press and media coverage which would be precisely the time the pros are setting up for a potentially nice rally heading into the election and through the end of the year.

Or, it may become an impulsive move and signal further weakness.

Or, it may ultimately do none of the above!

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