3 hours ago, Jimi said:Think about how utterly incoherent UK fiscal & monetary policy has been the past 6 weeks.
We’re going to gather ourselves into a bullish lather globally, because…
… we should somehow believe that the freaking policy clowncar there has got it right now and will execute on this new plan?
Really? That’s the story here?
It took me by surprise, I must say, when I saw this yesterday. Oh yeah, my nuts are in vice, and it isn’t very nice.
The ES 24 hour S&P futures have had a wee reversal in the wee hours around 5:30 AM New Yak time. They hit a 2-3 day cycle projection of 3750 overnight. The dominant intraday pattern cycles are too short and volatile for a clear 5 day cycle projection. The base breakout measures to 3800.
They’ve pulled back to breakout line support at 3714. If that holds, we’re still in meltup city. If that holds, we still have the uptrend channel line rising from 3695 to 3705 between 6 AM ET and 10 AM. Unless and until that breaks, anyone heavily short, ahem, ahem, is still in trouble.
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