Sure enough, a mere few hours after I wrote the comments below, the overnight losses are but a distant memory. The market has cleared would-be resistance at 3255-60, and is now testing the next supposed resistance level 3275-80.
Hourly indicators look kind of iffy. They actually were more bullish looking earlier this morning. Here’s the latest hourly view as of 6:15 AM ET.
2:24 AM ET I woke up this morning to see the ES down over 60 points from yesterday’s close. I expressed my shock in a few posts at the end of yesterday’s thread.
Had you been trading the futures from yesterday’s close through the overnight session and into the wee hours here, wow, you could have made a lot of money!
The sell signal was actually pretty obvious yesterday afternoon. I made a post in yesterday’s thread calling attention to it. Admittedly I had no idea that it would lead to this kind of carnage. At one point I even doubted that it would stick at all.
This market is definitely following the rules of TA but you need to trade esoteric instruments almost on a 24-hour basis to be able to take advantage completely. This is a market, not for humans but for machines.
5:23 AM ET
They’ve broken the overnight downtrend and reached the area of yesterday’s low, which should be resistance. Hourly oscillators are in bullish configs however. The selloff could be history by the time NY opens.
Or not. IF they stay under 3265. Above that, bulls have the ball back, I think.
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