It’s like somebody took a bite out of the middle of the thing this week.
When an index makes higher highs and higher lows, that’s an uptrend, which is what we’ve had since Monday. And Monday’s drop only resulted in a single lower low, relative to the previous uptrend. It’s not yet apparent whether a lower high has been set….
As of this morning, the ES fucutures, representing the broad big cap US market, are at a price level it first reached on December 4. Reminds me of the old stock market adage, up the escalator, down the elevator.
One day, we’re gonna get the shaft.
Without the elevator cab.
I think that if there’s anything that illustrates the head in the sand problem of the banks, it’s this. Commercial real estate (CRE) finance. There’s a monster in the room. All that empty room.
We bears may consider it morally wrong and repugnant, but greed is good, ergo…
Here we go again at 5 AM ET.
The ES has hit uptrend channel resistance, but this chart shows why there’s more to come.
Who is it grappling for?
Cycle lows are due on 3 and 5 day cycles. True Strength Index oscillator is bottomy. Others are in neutral turf. If ES pullback holds at or above 3714, PM upmove should be explosive as the hedge fund junior traders are fo…
Any time a price pulls back to a line from which it had broken out just before, I call it the “return to the scene of the crime.” It applies in both directions, and at any time frame. It happens A LOT. I think most of the time.
Either this is it, right here at 5:30 AM ET. Or else 3770 on the ES this afternoon.
Oh there’s no place like home for the holidays.
Except if you’ve been locked up in it for the past 9 months.
Wanna get away?
Asia woke up last night and right away started buying, and kept going all night. By the time Your a Peein mark…
I wish you the best possible holiday under the circumstances.
At least there’s finally light at the end of the tunnel, as long as we get to the other side of this black hole on January 21. I’m not entirely sure that we will.
The stock and bond markets also seem to have some doubt.