You see it on the 5 hour bar chart of the ES, S&P futures. In each of the last 3 very short term tops, the market formed a right eyebrow and then drooped. The key level today is 4545. If it stays below that, this could devolve into the droopy pattern. But if it gets through 4545, the uptrend will be reaffirmed and it will be game over for bears, for the time being.
They’ve already broken the downtrend that began in early January, and established an uptrend. But that uptrend is extended in the very short term time frames we watch here. So bears at least have a shot.
In order to execute that shot bears absolutely must see 4480 taken out. And that’s just for starters. Barring that, the uptrend rules.
For the big picture.
- Give It To Me One More Time, Goldie March 21, 2022
- Screens and Picks Keep Buy Side Tilt March 21, 2022
- Dog Market Gets the Zoomies March 20, 2022
- Seven and a Half Weeks of Bullish Liquidity Ahead March 19, 2022
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