Es might be done at 65.75, with some support area over there, but there is much stronger level in high 30's, which is likely to work like a magnet.



I will also mention 1720, but I don't believe it will be hit soon, so if ever ES is gonna get there it will need more time, so most likely it won't reach that level in ABCD fashion.

I keep hoping we will have some sellers, but when do you ever see a Dow up 300+ 'short-covering' day in a bear market into a Friday close start to sell? Never? Give that man a cee-gar.

The ES just keeps pounding that upsloping price flow. It can keep setting higher highs until the cows come home this way, but each time it hits into it, it comes in. So, it becomes a grind up, until it 'breaks out' to the upside. Or I get my sellers.

C'mon, sellers...

I can dream, can't I? I know this is a ride 'til close. But I'd really like to think we could flush down into March, and for that to happen, according to the great wizard Armstrong, we'd have to elect those reversals on the Dow.

ES just about at the upside breakout point.

Did you mean a backtest of downsloping priceflow?

Originally posted by jimkane

ES just about at the upside breakout point.

No, put on the overhead upsloping price flow of the move up. It keeps bouncing up to it and coming in. It has now broken that to the upside just now.

Originally posted by MarcinO

Did you mean a backtest of downsloping priceflow?

Originally posted by jimkane

ES just about at the upside breakout point.

As far as that upside breakout, it means it will either accelerate upwards, or get crushed down. I think it's more likely a 'false breakout'.

Got it. Thanks!

Originally posted by jimkane

No, put on the overhead upsloping price flow of the move up. It keeps bouncing up to it and coming in. It has now broken that to the upside just now.

Originally posted by MarcinO

Did you mean a backtest of downsloping priceflow?

Originally posted by jimkane

ES just about at the upside breakout point.

That being said, I am going to now say we know nothing here. The least likely scenario is usually that it just comes in and chops around, doing nothing. But I can't see that. I also can't see it selling, as explained before (as much as I'd like it). But I said I think it's a 'false breakout'. So, that leaves... nothing. Selling seems the most likely if it weren't for this being a powerful bear market rally into a Friday close. I guess I say selling, but I am not in a betting mood right now.

Now, a real cool thing that frequently happens is if the Dow cash closes above the key level, and then they bring the futures down before they close to be the equivalent of below the key level. That not uncommonly occurs, and leaves one wondering...