ES closed strong and looks good for a strong start of the week:



However I'll be watching closely bearish ABCDs on the way up since long term questions remained unanswered yet:

Thanks, tx.

ES is in such a dangerous position here. I'm not really expecting this grind to end like yesterday, and I'm getting more and more nervous with all these in here. So, I'm 'ready to jump'. I always let things prove it to me.

It will be curious to see, once the day is over, if that last 'caution' post did come right after the final highs for the moves for the day in all three. We'll see if they come in on these dips again, but I'm starting to think maybe they will either not, or they will form some lower highs. We'll see. Mostly I'm just bored here, trying to read this no volume slow action while it grinds.

Originally posted by jarek

Originally posted by jarek

This .382 bearish ABCD simply has to fully play out if bears want to avoid another round of grilling

They are fighting desperately at this KZ ABCD, but bulls are already preparing cutlery:

Looks like they got indigestion at next bearish ABCD

Today's high in SPX reached the upper ML of our Schiff set almost to the tick:



I'm still wondering if the move off test and retest before has reached its target or not??

I kick myself. I was going to post this, and then I figured why bother, I don't want to make too many trivial posts. I was thinking that CL looked ready to launch another leg (I'm watching on like a 34-tick chart as my lowest), while the others still looked pretty weak. I was going to say this looks like it will diverge, and CL will take another shot at some upside. And that's what it did. Now GC sits right in the middle of its uptrending chop range, so we should see soon which way it wants to grind.

no......but there's that double thingy up there....hmmmm

Gold bursts up from that mid-range minor 'congestion', and ES is coiling at the key line, forming what I call a slanted 'cup and handle'. This speaks for a break up. Let's see. If so, 'risk on' again for all three. Otherwise, ES is at 'serious' resistance intraday here. All three are at very short-term 'resistance' here. So, if they just wanted to see what would happen if they tried to push them up a little, that may be it. Hrad to say when it's ranging on a pre-holiday trade and low volatility...

Not sure there's enough volume left today to do any set up. The grind might throw off the timing so that the dbl whammy doesn't happen at the "right time".

Originally posted by rat89

no......but there's that double thingy up there....hmmmm

Click image for original size

There is an interesting symmetry in the ES M1 daily chart, where today's HOD was exactly equal to the February 18th high:



Bulls may be in trouble if it doesn't break up from here

I think it may head for the lower //, not even the ML. I've been thinking 35 since forever. Understand, though, this is really just an index against the Euro, which is by far the heaviest component. If the DX was going up, and the dollar going up against all currencies, the buying power of the dollar could still be going down, even rapidly.

All I care about is the buying power of the dollar, and if you look at gold, silver, oil, foodstuffs, cotton, etc., you can see what is happening to my buying power. This is true in all currencies, even the powerhouse Aussie. It's just losing buying power a little slower as it rises with respect to the dollar. All fiats are on their way out. Do they go together, or do they fall one by one in big explosions...