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Monday reversed Friday and Tuesday morning reversed Monday. The hourly chart of the ES 24 hour futures is starting to look toppy as bonds stand poised to resume their recent selloff. An incipient 5 day cycle up phase has fallen apart, and suddenly there’s a rare red channel on the chart. The bottom of that channel drops from 5125 as of 8 AM ET to 5120 at 10 AM.
That should hold and generate a rebound. If it doesn’t all hell could break loose. If it holds, I’d look for a rebound back to 5140-45 before the selling returns in anticipation of Uncle Jay’s circus being a disappointing show as inflation takes on new life. A Top is In, But Which One Is It March 17, 2024
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