Looks like a rising wedge is developing on the hourly. We reacted to the bottom and top trend lines now... Lets see which way it breaks out. So far happy to be flat.
Friday's close will be crucial. Overcoming the impulse of Wednesday's rally and closing at weekly lows would strengthen the bear case here, anything higher then today's close doesn't help. Stop is at break even, 2817, a trade much higher and the break out could move quickly to Jan highs.
Of course there is no office of ppt. But I guarantee you the Office of Terrorism and Financial Intelligence is actively monitoring and advising on the reaction to China news and reporting to the President's Working Group on Financial Markets. If it is deemed necessary to maintain investor confidence the President's Working Group can deploy whatever measures they see fit. Call it what you will, it's a defacto force to prop markets, even less then 5% off all time highs.
Long 2803.25 at uptrendline @ 6:53 pdt.. +2.5 on half. +3 on last half at reaction to strong R @ 2807.50
ES broke March highs but didn't get any legs. Weekly chart formed a nice doji. Next week should be interesting - back to 2740 or begin the climb to the all time high.