The ES fucutures edged through the top of the 5 day downtrend channel at around 2 AM this morning New York Time, but they didn’t get far. They ran into resistance at the 38.2 fiber nacho line of the previous decline. As of 4:45 AM ET, the futures are back to the downtrend line that they broke nearly 3 hours ago.
The number to watch on the upside 4399. If they get through that however, it’s still not quite clear sailing. They could bump their head and recoil from 4305.
Under 4377, bears should be in control.
Hourly oscillators are iffy, particularly momentum, which is the middle one.
A 5 day cycle projection of 4390-95 for the up phase was hit.
Click here for the longer term big picture.
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
Meanwhile, for your longer term infotainment and edification:
Bond Market Bloodbath Gets A Head Start
Liquidity Matters, The Fed’s BS Doesn’t
