As of 7:30 AM in New Yak, here’s how the ES fucutures looked.
The breakout extended for a bit but now coming back to earth. Not only that, they’re back to the breakout level. Do or die for the members of the bovine club. Indicators on the 30 minute bars have stalled, and rate of change – the topmost lower indicator has begun to edge lower and is on a sell signal. If they drop more than a hair below 3420, then the party is likely over and a 5 day cycle projection still around 3440-45 won’t matter.
But if the pullback holds here, then up we go again.
At 3:35 AM I had opened with:
Yep, looks like it’s breaking the fornicate out.
But it faces a lot of overhead from 3419-23. Hourly indicators uptick from high levels, normally a bullish sign that usually leads to trending mode of indefinite duration.
So there was progress, and then backtracking. Nothing new there.
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Meanwhile, 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 June selloff was 265 points high to low. So far, the current selloff has hit 278. Bigger? Nope, not in percentage terms. This one is -7.7%. That one was -8.2%. So, we can still say that this time isn’t different.
Yet. But there’s smoke. Plenty of it.
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