Here in Europe when the business day started around 8 AM (2 AM NY) somebody dropped a big turd. The ES fell through support to the next support area around 3640. That’s the bottom of the current effective downtrend channel.
It took me by surprise, I must say, when I found out yesterday, oh yeah, I heard it through the grapevine, that the market hit a landmine.
It’s an 80s dance party. Let’s get high and dance!
I can’t wait to see the up.
Will today be another Day of Infamy in the market. When Europe opened, it walked away from Friday’s gains in New York and went right back to where it left off trading the ES fucutures when Europe’s trading day ended. Apparently, they don’t think too mu…
It’s bizarre, but tradeable.
They ran it up to test the Pfizer day high yesterday, but couldn’t muster the troops to break through. Momentum weakened and there’s been a little selling this morning here at 4:30 AM New York time. We even have an uptrend channel break.
But supp…
A top isn’t a top until it breaks down. Many a would-be top pattern sucks in the shorts anticipating a breakdown. Then when it doesn’t break, they all start covering, triggering the next upleg.
The level to watch over the next few hours this morn…
Bears are wimpy. They can’t even stick to it for a whole day any more. Let’s face it. We’re pathetic.
The Dow loves 30,000 and the S&P loves 3600. Liquidity will be bearish until Thursday. And I’m working on a Technical Trader update that will lay out a trading strategy and chart picks for this week and beyond.