5:45 AM ET The ES futures have broken their uptrend, or at least one iteration of it. There are others, and the fact that hourly oscillators have gone flat in positive territory suggests that the market is in trending mode, and that mode hasn’t broken yet.
First, they need to conclusively break 4314. What’s conclusive? It’s like pornography. We may not be able to define it, but we’ll know it when we see it.
On the other hand, a breakout through 4400 would have a measured move target of 4685.
Although I don’t think it will get there today.
9:40 AM ET
Bouncing off latest trend area. Oscillators remain in trending mode.
First posted at Capitalstool, the Stool Pigeons Wire.
