The market peaked yesterday afternoon around 2 PM at 4458 on the ES S&P futures. In the short short run, it was a higher high. But in the longer short run, since the September 6 high, it was a lower high.
So is the short term trend bullish or bearish?
It all depends on what happens here at 6:15 AM in New York. There are support lines at 4425 and 4417 and then around 4415 at about the time New York opens for trading. If they hold, then the short short term bullish trend still rules. If they fail to hold, then 4380 would beckon. At that level the market would make a decision about the future of the world as we know it.
2-3 day cycle projection says we’re going to 4420 here.
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
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Meanwhile, for your longer term infotainment and edification:
Liquidity Matters, The Fed’s BS Doesn’t
Get Ready for the Coming Bond Market Bloodbath
