This morning, it looks like the market wants to build a second right shoulder on the ES fucutures in symmetry with the left side of the current head and shoulders structure. Any rollover below 4213 would favor the bears. By the same token, it would be meaningless if it doesn’t break yesterday’s low of 4165. First they need to break the trendline now (6:30 AM New York time) at 4177 going up about 1 point per hour.
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Meanwhile,
LEE ADLERUpdate 8:10 AM ET – Despite what the screens say, and despite the apparent top pattern, this trend still looks bullish to me.
The first test of that will be whether they roll over below or get through 4202.
Update 8:55 AM ET
Woop, there it is.
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
