I hope you had a wonderful Thanksgiving. In bear land, we would have preferred Tanks Giving. But the market doesn’t seem to want to do any tanking.
From the hourly chart perspective of the ES futures, I lean more to this being a bullish consolidation than a top, but I guess we’ll know better if and when they try to get back to 3660.
A breakout above 3638 would measure to 3660. If they don’t clear 3638, next week the bears should come out of the woods.
I’ve often wondered why people ask if a bear shits in the woods.
What a stupid question.
Of course not.
Who lives in the woods? Most of us don’t even live near the woods.
It’s normally only a problem when you’re on the highway.
In emergencies, we use the restrooms at the service areas. But mostly we wait to get to the hotel.
Woods, or no woods, nobody wants to shit in a rest area bathroom.
Not even bulls.
Have a great weekend, and join me for my occasional intraday snarky observations, of which there are likely to be few today. It’s Black Friday, and we’re all going to the mall when the stock market closes at 1 PM in New York.
Meanwhile, follow my serious analytical work at Lee Adler’s Liquidity Trader. 90 day risk free trial to any or all 3 of the services.