ES approached major downsloping ML on a daily chart:


Acceleration, bounce or coil now? In case of the first, our target area is just 4-5% away. Exactly the same as in case of $RUT for the move off its head and shoulders pattern confluent with the green set lower ML:

Jim is bullish here, Jarek is bearish here. What a shocker!

Depends on the timeframe. Intermediate I'm wildly bearish. Short-term, I'm bullish off the low, but wary of this tough area. Very, very short-term I'm bearish as it weakens in here. But, I suspect they may still pick it up when they suck enough shorts in. It's more about strategy and correct entry placement many times than just a long or short bias.

Originally posted by jarek

Jim is bullish here, Jarek is bearish here. What a shocker!

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did you see that? 447/ 1.27 just now.....wow

Get ready...

Wow, very interesting action. The weakness is so pervasive. Yet they keep defending this 66-67 low in here.

It just looks ready to break down any second...

Not even to the retest of the upper ML in the move of this small bullish KZ ABCD... :

And every time it goes below a swing point it catches no real stops, and bounces right back up... Impulsive up, corrective look to all this action. 'W2' look to it. That means it would be better if it grinds a bit lower.

Gotta love these relentless sellers.

Like I said, though, they'll save this for GLOBEX. I may post a few comments tonight as this unfolds, I'll see if I'm in the mood later. Then, again, maybe they crush it in the after-cash and it will all be a moot point...

Okay, that's it for me. I probably won't post again until the Sunday night session.