After plunging through most of the night, the ES S&P futures staged a spike rally beginning at 3 AM in New York, 9 AM in Europe, when markets opened here. That rally has still left the futures in a steep downtrend. The rally faces multiple resistance lines 4220-4230 that it would need to clear to get anything sustainable going on the upside. And by sustainable, I mean, all day.
When we zoom out to the 5 hour bars for the past few weeks we see the sadness of this trend, along with a repeating pattern. Do we get another 2 day rally here?
I’m in the process of updating the Gold Trader Report. That should be posted around 7 AM NY time. We’re doing very well there indeed, but it’s hard to be happy about it.
Meanwhile, the big picture:
Fewer Picks Remain But Still 100% Short, With Gains
Why I Don’t Care that Short Term Indicators Are Bullish
Withholding Tax Surge in February was All Inflation
Gold Consolidates, More Upside Ahead
Liquidity With Eyes Glued to Ukraine
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