Here is an hourly bar chart showing 24 hour e-mini trading. After the bullish employment number came out the ES rallied to 1119 but then pulled a u-turn downward on high volume. This sort of action is generally bearish and portends a downside breakout from the recent trading range. We should see the market close near its lows today and continue downward next week. In the meantime the midpoint of today's range at 1107 should be resistance. Downside target is 1040-50.I want to emphasize that a failure to break below this morning's 1095 low later today or Monday would be very bullish action and flip be back to the bull side.
3 comments:
Small caps of S&P are doing well, but Large caps of S&P are lagging behind. I see small caps trend is up and large caps trend is down as of today.
I believe the last 5 days belonged to the bulls, but the bulls couldn't seem to break out of the box. The bulls have 5 more days to do their job. After that, the bears will take over and will try to break 1080's.
The bulls and bears couldn't seem to break out of the box since Nov 11th, so we are stuck in the box. This could go on and on.
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