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.

Hey, did anyone notice crude up about 14% off yesterday's low? We're getting to the point where crude swings of 10%-15% in a day are 'no big deal'. The commodity that the entire planet runs on (to the tune of like three billion gallons a day), swinging that much daily. Nah, that's not a big deal at all...

Yes, and it 'sees' it, but will it blast off there once it bases enough? Lots of time left. If they get there soon, what will it do for another hour? Chop around up there? I can't see that. This is very curious.

Originally posted by MarcinO

51-52 is a nice support.

Okay, watch closely here. It may not like this area.

Pound needs 10-15 pips more and it will be most likely done for today.

Now, look where the Dow is right now, an hour and twenty minutes to go, look at his two weekly bearish reversal points, and (if you think his stuff matters at all) tell me this last hour isn't critical.

And the Dow just crossed up over the first weekly bearish reversal area. Note it must close below both to signify the trend will likely be lower until end of Feb/beginning of March.

I'm guessing it wants to get above both, so the Dow needs to close over 15,994, or another 52 points. I think it could do it, but I strongly prefer some sellers and a close below both...

ES pounding up against that upsloping price flow.

All the ES needs is about 6 points to put the Dow over the higher weekly bearish reversal number. I can't imagine in my wildest dreams that not happening.

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...