I’ll reach a conclusion when the market does.
For now, the ES futures have a 2-3 day cycle projection of 3582. Done.
It’s forming a triangle pattern– higher lows and lower highs– the epitome of inconclusiveness.
We’ve been rangebound for 10 days since th Pfizer pfizzle.
The 5 day cycle projection tentatively looks 3595. Thatn would break the triangle but it won’t break the range. And the cycle high is ideally due today.
There’s been a narrower range over the past couple of dyas that looks like a base. If they clear that, the conventional measured move target would be 3605. Still far from a breakout.
On the way up look for resistance around 3585, 3592, and trend resistance rising from 3598 to 3600 going into the NY open.
Support is suggested around 3560-64, 3555, 3550, and 3540. Any trading between 3540 and 3585 is likely to be messy and inconclusive–a meat grinder best avoided. Once beyond that range we could get a decent, tradeable move.
Click to enlarge
On 11/20/20, we have no 20/20.
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