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.

Bond auction results right now... Quick snap up in ZN. Most times the first reaction gets reversed hard, so watch ZN.

Very curious. The ZN just stopped, and the ES, after an initial reaction off that 8.75, snapped up hard. They look ready to run it up, but it has somewhat of a little ABCD here.

Notice, too, jarek, this formed a 'nested' 4PT inside the 4PT. A 6-Point? Yet it doesn't want to give way to the downside.

Also note that we are in a two day Fed meeting, so tomorrow should get this moving. What would we like for the action leading to that so it could drop? And if the first reaction is usually wrong, what would be ideal so it rises on the announcement, without ruining the nice technicals, and then sells off hard? Wouldn't that be down until the meeting?

Crude selling. Risk off? Or will they just come in and chop crude back up?

So, that little ABCD did send it to a new low for the move, right off the area of my key line. ZN slowly rising. Will the ES be able to move beyond this 1.272 area here, or another snap up in the grinding process? It needs to finally start a trend move. But they are so under this market, playing games, it's ridiculous. Hopefully they lose control in here...

5 here is a key area to watch to see if they can keep this dropping. SL, set line, Fibs, and so on. A bounce (or reversal) would be a big clue.

Pull up a 60-min chart (all sessions) and draw a horizontal line from say the high on 6/14 and you'll see why this level is critical to the manipulators.

And there's the rocket launch off 5.

Look where it bounces to... Now we will really get some clues.

Market may be popping right now because they just lifted the ban on deepwater drilling. Cool, let's get some people to work drilling some more holes like the BP one.

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