I’ve just moved into a new apartment in Cannes, France. It will be my next to last move. At the end of this month, I hope to be in the place I just put under contract in Nice 10 days ago.
So today, I’ll make this short and sweet for now, and I’ll check back in with you a bit later.
So far today, we have….
Nothing.
That’s right. Nothing.
The ES S&P futures have gone dead flat since the NY close yesterday. The sideways move has brought the price hard against the uptrend channel that it bounced off yesterday. This is the 4th touch of the lower channel bound in the 5 days this channel has been active. The ES would need to end the first hour of New York trading below 4600 to break it.
That line will be at 4610 at the end of New York trading. If they’re above that, the trend goes on. It would call for at least a test of the high at 4633. If that’s cleared, I would look for 4650 next.
We’ve been in a 5 day cycle down phase since 3 PM on Wednesday. Flat down phases usually that the following up phase will be strong.
Never short a dull market, right?
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