A little panic after the close on Friday, with piling on in the early going in Asia broke the longest megaphone. But the Europeans rode to the rescue at their open, bringing the ES futures back from a touch of the lower line of the shortest widest one. Hourly oscillators roughly representing a 3-5 day cycle turned up from their lowest levels since the May 12 and 19 lows. So this looks like a short term bottom, with some backing and filling, and a possible retest or minor new low likely before liftoff.
5 day cycle low projections were obliterated on the selloff. Even a 2-3 day cycle low projection of 4137 was smashed.
The comeback hit resistance at 4169. Next likely R levels are 4172 and 4182.
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
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