Here is my chart of the weekend:

Interesting how that level stopped it dead, but it struggles to move far off it.

Originally posted by jimkane

Watch this 43.25 here for upside clues.

Hmmmm, wholesale gasoline dropped about 50 cents off the recent high, and nationwide pump prices have dropped in response, for the first time in over a year. Cool. By how much did they drop? 6/10 of one cent! Mighty nice of them. Mighty nice.

Watch the ES right now.

is this the bart simpson "what the heck is that?!" setup?

ES ready to go up now?

Notice what happened. I posted the note about watching it right then because it was at the breakdown point. It barely dropped, right to a 1-min set line. It bounces, right up to the other set line. It acts all strong, and then comes back in a little. Just line to line, they 'haven't decided yet' price action. Line ping-pong. That high is very significant, and they rushed up to it in a frenzy, but can't come off it much, as they do corrective looking action, and wait until the last minute...

And up the ES goes...

Originally posted by jimkane

ES ready to go up now?

I'm keeping an eye out for a lower high 'failure', in case they plan to respect this HOD area (Hah!).

If you have the same set as I do, there is wicked TL creep on the 1-min. Watch that. I just don't see 'risk off', though. Look at CL, gold, silver, Aussie, Euro on tick charts. Although ES is not particualrly strong, that is not 'risk off' mode...

And now Druckenmiller joins Gross and Grantham. Maybe it just took one person (Gross) to say out loud the Emperor has no clothes? At some point the bond vigilantes will overwhelm the Fed. Maybe not yet, but some day...

http://www.zerohedge.com/article/druckenmiller-calls-out-treasury-ponzi-scheme-its-not-free-market-its-not-clean-market-ident