That was yesterday’s lesson.
Meanwhile, here at 9 AM in Europe, 3 AM in New York, the ES futures had pulled back to an uptrend parallel. A bounce here would confirm the channel. A failure would suggest that the incipient rollovers in the hoursly cycle indicators are valid sell signals. WIth the market thin down to at least 3350, and probably to 3325, that could lead to another hot-knife-through-butter drop.
Boom! Within a few minutes of writing that, the hot knife went through the butter and the channel was no more. The market action confirmed the sell signals.
Get cycle projections from 2 weeks to 2 years,along with key support and resistance trends and levels, and long and short stock trading ideas at Lee Adler’s Technical Trader. Here’s the latest report.
The longer intermediate cycles say that the market is heading much higher. Shorter cycles point to more limited upside. But the whole shebang is fragile as hell. Here’s what to look for, along with some interesting chart picks on both the long and short side.
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