The stock market is more jittery as the 10 year attacks and then backs off from a new high in yield.
On the hourly chart, the ES S&P futures are hewing to the centerline of an uptrend stemming from Tuesday’s double bottom. Hourly oscillators are dead flat, but slightly above the zero line. This reflects the straight line nature of the trend as it fluctuates narrowly around the regression mean.
It’s all so bizarre.
Technically, resistance is at yesterday’s peak of 3682. Support is around 3667. The trend centerline, to which price has been sticking, is currently around 3675 heading for 3679 at the closing bell at 4 PM ET.
While the pattern has a bit of wedginess, it also has the outline of a launch pad. I’d go with that for now. They’d need to break 3671 at a minimum to even have a prayer of getting anything going on the downside.
I come into today about 30% long in my trading account. 0% short. The rest is cash. My hotlist for swing trading has 9 potential longs and 6 potential shorts. I’m looking to add a couple on each side depending on how the pattern develops during the day. Probably not until 2:30 turn time. I’ll let you know if I think the tape looks interesting either way.
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For the big picture-
