As of this morning, the ES fucutures, representing the broad big cap US market, are at a price level it first reached on December 4. Reminds me of the old stock market adage, up the escalator, down the elevator.
One day, we’re gonna get the shaft.
Without the elevator cab.
Those daily oscillators aren’t looking too sprightly either.
At the moment, the ES has settled on the centerline of the channel that began forming from the November 9 peak. A little lower here and they should plunge right to the bottom of the channel now around 3625. Of course, they might hold at the current level, which would mean base building toward a new high, and possibly even a breakout from the channel.
I cover those exigencies here.
Meanwhile, our usual hourly bar chart perspective is maddeningly uncertain. Could be a 2-3 day cycle low with the rest of the 5 day cycle down phase still to come. Or it could be something else. I can’t tell. It’s just too ambiguous. The parameters to watch for a sign would be downtrending resistance now around 3700 at 7 AM in NY, and support at 3680. Breaking out of that triangle should signal the next significant intraday move.
I’ll have a Liquidity Trader update for you a little later. This is the most recent.
Ciao for now!
