At 3:30 AM in New York, that is the question. S&P fucutures have recovered to Friday’s early trading range before the plunge. The downtrend line is under attack. Hourly oscillators are on the verge of turning up from their zero lines, which would b…
Is the ES hourly chart a mess today? Why, yes. Yes it is here at 6:15 AM ET.
The hourly indicators say bullish. The proof would be…
I put VRTX on the Technical Trader chart pick list on September 28. The chart had a near perfect low risk setup, and it continued to look promising right up until Wednesday October 14.
Shit happens. And it happens especially with biotechs. VRTX is a biotech. When a fuxxxxxx biotech company announces after hours something about a drug trial failure, or discontinuing a promising drug, it happens.
When it happens, it becomes patently obvious that the “promising” chart pattern wasn’t promising at all.
Seems the dragon has lost its wings. The 5 day cycle projection of 3445 has been hit however, so beware of dip buyers.
Now that I’ve written this headline, the contrarian in me recognizes that this is probably a sure sign that we’re in a major top. But…
The bears fought,
A beachhead to gain,
But in the end,
Could not sustain.
Now once more,
They try again.
Hourly bars-
Zooming in a bit
Here at 6 AM in New York as the first US traders sleepi…
The little overnight pullback hasn’t amounted to much here at 4:30 AM ET. The uptrend ran into resistance yesterday, but the current iteration of the hourly uptrend remains intact. It would need to end the 5-6 AM hour below 3515 to break anything.
The hourly chart of the ES fucutures is as wedged out as you can get. Over the next couple of hours, before New York opens, it will either break down or break out. The 5 day cycle projection now points to 3510-15, so from that perspective, the odds fav…
Going through my stock screens this morning, I was shocked at how bullish the output was. Chart after chart. Sells were few and far between.
I think we’re going to have to grit our teeth for awhile. But this isn’t a surprise. We knew for a coupl…
It sure feels as though the S&P is headed for the 3500 level again over the next few days. But the hourly chart of the ES fucutures shows that there are obstacles in the way.