The ES moved well past the 1070 estimated day session high today on news that came out at 10am. I now think the day session high will be near 1083.
The high volume makes this look like an upside breakout above the 1072.75 high made Sunday night. If so the market will close above its day session midpoint which currently sits at 1069.75.
I think the ES is now headed for 1140 and eventually much higher than that.
6 comments:
sharp rallies are a characteristic of bear market NOT bull market.
silly bools left gap below...tsk tsk tsk...
Carl,
Question now.... where to find a good entry to the upside?
Jack...you been around long enuf to observe Carl refuses to participate in a discussion or answer questions from those below deck...so let me try...remember early/late in day/week/month discussion recently from moi?...whelp as of yest using trendlines on daily/weekly/monthly...we had 49-50ish...42-43ish...and 60-61ish...take yer pick...yest pm lo was 42ish...last night lows were 50 ish and this am we were at 60ish???.....all setting up new month
IMO, failure at 1090 SPX and selloff to 1010 before big rally into election and YE. However, great analysis. Fair value is 1050 so 40 handles to 1090 then sell off back to 1050 then 1010. Heard it on Bloomberg. Today's IMS was 56 barely above estimates so thats not a reason for the breakout. Employment numbers on Friday will likely be bearish.
Roguewave:
Thanks for the response. Yes, I know. My question was more of a rehtorical statment more than anything. :)
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