ES 2-3 day cycle projection 3235.
UPDATE 7:10 AM ET
2-3 day cycle projection back down to 3224, which was all but done. The uptrend off Friday’s low is broken.
UPDATE 7:50 AM ET
That didn’t last long. They’re back in the channel and surging higher. 3224 is top of bottom pattern. Clearing that would trigger a launch.
UPDATE 9:35 AM ET
And that’s a fail and trend break on NY open, with hourly indicators edging to the sell side. To be valid, this needs to stick until 10 AM. An hourly close below 3208 would set up a nice little top pattern in a broader downtrend channel that started Friday. Note that 3 day and 5 day cycle lows are due today. Could come at any time.
UPDATE 10 AM ET
Whiplash! The early selling was a shakeout. At the close of the hour we have a breakout from an hourly base pattern that measures to 3260. The 2-3 day cycle projection is a little less ebullient, pointing to 3235.
