ES clearly likes to close at a key area as Jim pointed out many times recently:




Friday's breakout after a trendline creep was rather unconvincing and the green set could be still in force. However the journey to its downsloping ML would be rather uncommon taking into account the time of the year...

Okay, we have a 'real' move, as suspected.

Seriously, sometimes reading these clowns is so easy it's a joke. No claims, just a thought.

This 51.25 is just pushing up against the top of those lines...

Let's see if the lines work some magic on this...

Keep in mind, these are countertrend lines, and an upside 'breakout' could easily thrust it over them.

A little last minute magic...

I wouldn't fight this trend, though. That magic was very short-lived, with the after-cash back within a tick of the high. Perhaps they take it down a little in GLOBEX to prepare for another run and another new high tomorrow. I sure wish we could see that 1330 by year end, and gold taking a huge dump. Speaking of gold, it did roll about five bucks off that smaller bearish ABCD. Now, whether that sustains at all or not, that's another matter entirely.

I'm not sure they will be able to sell this down much, the way it is acting. It seems like it wants another new high right away.

Originally posted by jimkane

Let's see if the lines work some magic on this...

ES still traveling along same lines. No magic so far:

Crude and bonds continue their moves off the respective 3Ds:

Okay, another spot on read. Made it up to 53.25 so far, right back to the price flow. Not a claim, but an observation supported by posts in here: made the read going down, made the read for the terminus, made the read for the long side. Not bad, epsecially for a crap action day and the S&P at a 17-year narrow range.