Here is today's wave chart for the e-minis. I had expected support near 841 to hold and the market move above 850 later today. But during the past 15 minutes a selling squall has developed sending the market below its early low on markedly increased volume. The entire picture for today is now a bearish one.Since we have seen no demand shock on the way up, I have to conclude that the short term trend is now downward and that it will carry the market below 800. In the meantime the 837 level looks like resistance now.
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