| Futures Morning Outlook NQ ES YM |
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| Thursday, March 2, 2006 |
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Pre- Market Update - COMPQ, YM, ES
NASDAQ 100 Futures update (NQ)- 60 min chart
On the 60 minute chart you can see that the NQ is putting in a wave of 4 pullback. Right now NQ is strong, but it appears that it may pull back at the open to the 50% retracement level @1687, and then move higher above the 72% retracement level at 169514.
The S&P 500 Futures (ES)
The ES chart looks bullish. It is in the process of forming an Ascending triangle pattern. ES is pulling back in a wave 3 of 4 to test the uptrend line of the ascending triangle. However, ES may put in an extension of the wave 3 before it is ready to move much higher to wave 5. The stochastics are bearish.
Dow Jones Industrial Average Futures - YM 60 min chart
The YM chart illustrates that it has broken out of the continuation diamond pattern and is now in the process of forming a bull flag as it pulls back from the highs placed earlier this year. The stochastics are bearish. Nevertheless, the INDU target remains 11350.
NQ (NASDAQ 100 FUTURUES)
ES (SP500 FUTURES)
YM (DOW FUTURES)
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