Here is this potential bearish ABCD looming over the market for some time already:





Unfortunately it can go much higher and still remain a Double Bottom ABCD, so the picture is rather unclear at the moment.

And, of course, and without any doubt that it would happen, the futures open up strong and promptly hit 1127.50, up 17.25 at the high. So, the three day coil broke strongly to the upside. The best line and area I have is around 35-37, so we'll see there. At this rate we should see that before the open tomorrow... I do have to say, I think they intend to set new highs for the 'bull' in short order. Is this the 'front running' for the new $5 trillion QE I think Bernquacke is going to announce any day now? I thought he'd wait until they tried to take the market below the big support area before he announced. Now, I'm not so sure. Can anyone say Dow 30,000? What a market.

Now that was interesting, over ten points straight down. I wonder what triggered that? Dollar straight up. This whole pop was supposedly on the floating of the Chinese curency. They just released a report that even with the float, their currency was unchanged. Was that it? And look at those four appx. 5 point swings, one after another. Wow. Now, this looks like a perfect flat ABCD here. And there is lots of action in here, but they are trying to push it up. Too bad, it's a nice looking ABCD. We'll see. Imagine if they gun it right back up! Crazy action for GLOBEX.

Hmmm, starting to see a nice reaction off that ABCD. Sweet. I'd love to see it follow through. I can't imagine they'll give any more of this back, but maybe...

ABCD gave a little pullback, and then they blew it right out. This thing is strong and they want up.

I'm watching 1130 next on the way to the area previously mentioned, 35-37.

Not a single comment...

So, I posted I'm watching 30, it hit 29.50 (I wanted to post at that time that that might be it, but I skipped it), and it drops 13 points. Not bad. But I suspect it is now sold out here at 16.50, and I've got a trigger for intraday long side bias. Let's see what it does with it, though. A bounce and roll would be very dangerous for the bulls in here, given the importance of this area here. The areas to watch for the roll are the same as always in a situation like this.

Well, it only got to the first, tiniest area and rolled over. The 'hard risk assets' have a very 'flash crashy' look to them. Look at crude, gold, nat gas, etc. Very scary. Likely nothing will happen, but the illiquid drops are very curious. Now, in the ES, maybe that's it, one more push, but taking out this key area makes me think this is getting precarious. Recall the stats about the week after June triple witching I mentioned last week, and the pattern we have...

I would suspect 'up' in here, but watch this small ABCD at key line right here, for clues. Just look at the bounce in crude.

And there's the break. Hang on to your hats.

Watching 20 next. I suspect way up, though.

roofer, do you have a list of the stocks that you track?