We got a nice bounce from ydays low ( likely reactionary). This morning of course there was hope of getting above the 78 mark to test 92 -93. However, after a test of the O/n range low and a retest of the open high, ES sold off. IN fact, we cam right back to ydays low and may have taken it out by a hairs breath. Those on the ride must be puking with this roller coaster. Going to go out on a limb here and say that we have likely made the low at least for this year. I think we should head to the 2710 area and then we will revisit. I am long.
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IF I am correct, watch as this potential IHS develops. 2697 to 2710. Back down 2580 or so and then another leg up. Still early, but you gotta eat what you cook!
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SO far so good. For now do not expect higher than 74-77. Perhaps we get one more push down on FOMC. Till 2.00PM it is likely gonna be boring.
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We pushed a bit higher from the 77 area. We also got the PB. Now to wait fro FOMC for the real move. Personally, would not like to see it below 46.75 or so.
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Well. I eat humble pie! No excuses, but that was breathtaking. 100 points in 1 hr. Those who were in short kudos. I got stopped out. What you cannot see but a faint red line at the bottom of the chart is a 1618 extn at 2493. We tagged 2491 as we speak. 2660 is the line now for a flip to the bullish side. Else lower.