Having endured the nonsensical rally from yesterday, I was pleased to see us sink again today, because the broken trendlines are absolutely picture perfect in form. It’s because of these trendline failures that I was comfortable pushing into more short positions during the strength.
Liquidity moves markets!Follow the money. Find the profits!
You can see how beautifully the ES mashed against what is now resistance and was repelled all day long.
Looking at the larger intraday picture, you can see this is the third annoying time that the government has tried to “save” the market, only to be repelled each time. The jawboning, after a decade, is losing its punch.
The bottom line is that pipes’ top-rated comment from yesterday is what I believe. I know he meant it sardonically, but from my point of view, this is the absolute truth.
Wall Street Examiner Disclosure:Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. I may receive promotional consideration on a contingent basis, when paid subscriptions result. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. No endorsement of third party content is either expressed or implied by posting the content. Do your own due diligence when considering the offerings of information providers.