government entity staged an intervention in the US ES S&P 500 24 hour futures market at precisely 2:16 AM in New York, 8:16 AM in Frankfurt, Germany, and Paris.
6 hours ago, fxfox said:Intervention at exactly 8:16 CET
there was no news, no data, nothing. Look at 1 min chart in ES and EUR/USD
To this observer, it does appear that a major buyer or syndicate did stage a raid to drive the futures upward out of a perfectly formed reverse head and shoulders pattern that measures to 4195. They’re a little shy of that at this writing. But a 5 day cycle projection of 4175 has been hit. Hourly cycle oscillators are moving bullishly. One that is based on rate of change has crossed the neutral line. MACD and True Strength Indexes have only now reached neutral.
If this really was an intervention by, say, the Washington DC PPT, of the ghost of Mario In Draghi in the form of Madame LaRearGuard, then it is doomed to fail, and the two day uptrend channel will be broken later today. However, if this was intrinsic, inherent, aboriginal trader buying, it depends on who will be standing by to take the pass, or the handoff, depending on your sport.
Meanwhile, from the Department of BTC Leads, or At Least Correlates, there’s been no, no, no breakout. BTC needs to clear 21861 for a confirming breakout.
In the EUR/USD, we had a false breakout from this nice little base pattern on the hourly chart. If ultimately successful, it would measure to $1.01 and would support the move in the ES.
Without bullish moves in these two bellwethers, My guess is that the ES sucker rally dies, either right here, or around 4200 a bit later on.
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