This is the 9th day in the same 1% range. But we now have a completed head and shoulders top pattern with the ES fucutures sitting right at the neckline at 6:10 AM in New Yak. A breakdown looks all but certain. The 5 day cycle projection is 4175-85. Significant support is indicated around 4178.
Two of the three hourly cycle indicators are bearish. Momentum is holding on near neutral. They are all slightly below zero, so a downturn from here could get some teeth. But a stick save could also send them soaring. Failed head and shoulders breakdowns often lead to vicious short squeezes.
Here it is zoomed in to 30 minute bars. They bought (aka covered) at the neckline. Shorts look to be in trouble if they clear 4200.
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
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Meanwhile,
LEE ADLER
