They ran it up to test the Pfizer day high yesterday, but couldn’t muster the troops to break through. Momentum weakened and there’s been a little selling this morning here at 4:30 AM New York time. We even have an uptrend channel break.
But support is suggested around 3658 on the ES. That needs to break to get anything rolling on the downside. Then we’re looking at more support in the 3650ish zone. To complete a nice top pattern on the hourly, they need to take out 3642. Then we’d be in business for a little downdraft. Maybe more.
If none of that happens, then this is just another sucker punch to bears.
It’s too soon for downside projections on 2-3 and 5 day cycles. Hourly oscillators are headed down, but they’re still above zero. That means no change of trend yet.
The one hopeful sign is that traffic on this board and on my other websites has utterly collapsed. Absolute devastation. No interest whatsoever.
That’s the good news.
I can’t wait to see the bad news.
Watch the 10 year. It’s a big deal. I’m working on a report on Primary Dealer conditions, to be posted in Liquidity Trader later today.
Join me during the day to post your trading observations at The Stool Pigeons WIre.
