At 8 AM in New York, the 5 day cycle projection has now plausibly, if not probably moved up to 3460.
Click to engorge.
5:30 AM ET Actually, over the very long term, it’s not bullish at all.
But in the short run, aye, there’s the rub.
Since New York closed, the ES fucutures have been up 30, down 60, up 85, down 110, up 90, and now starting down again.
Everybody knew how the politics would play out, both pre and post election. But the market doesn’t know. It never knows. Only the pundits pretend that it does.
The 5 day cycle projection has a plausible range of 3415-3445. They got to the middle of that. So if there’s more upside in the short run, it’s not much.
FOMC Circus today. If you’re trading, stick to the 2 minute bars. And you’d better use automatic triggers. Twenty-something video gamers excepted.
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