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| S&P Futures around 1 2 a.m EST April 26 |
On the chance this might interest some traders of the futures, the above is a picture of the five-minute chart for the futures (ES) on April 26 2013 early in the morning. The pattern may leap out at you, but if it doesn't, observe the bottoming formation. That looks like an inverted head and shoulders or, if you don't like that interpretation, at least like a cup pattern. Both of those are Bullish formations. If you are trading, seeing that generally is an indication to go long. Futures kept rising for a few minutes after this point in time before pulling back again.
The patterns work because selling pressure gradually gets exhausted during this type of pattern. You could see the volume drying up if you were watching closely. Eventually, the Bulls move in for the kill, which is exactly what happened here.
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