i guess we know the reason now for the hard sell near the hi`s yesterday.....2 strong 3 min bars with big sellers.....followed by 2 more with a LL......there is NO better indicator than price action. edit: we`ll se if this is the "spook" move before they bid it up....wich would`nt surprise me at all.....or the real thing ?
short covering rally... could easily pop up. 1472 target. fed rate cut rally. price action not correlating with negative implications of number. Hidden buying being seen.
agreed completely..... .50 basis point cut looming could turn this short term sentiment quickly. looking for 70/72 target as well. edit: 62 = 8/31 gap open & important level ,imo.
I think market is being held up by "hope" of some immediate action. Things will deteriorate as the day proceeds with no Fed action.
Jaxon, I agree with you (for whatever that's worth), but now that we have filled the gap from 8/31 (ES 8/30 close was 1460.75), some sort of rebound on shorts covering (taking intraday profits)can unfold.
I submit this quote from smilingsynic on page 3138 of ESJ: "The good news is that there are ways to determine(trend-day), an hour or so in, what kind of day it is probably going to end up being. For example, if the 9:30 open is a gap from the previous afternoon's close, look out if the gap is not filled. Gap (or strong move) plus mid-day consolidation equals late afternoon continuation. JMHO." I find this especially true if a test of S3 pivot does not produce an immediate and "never look back (or retrace but once) lift in prices. Prices can slosh sideways into the afternoon then drop persistently once bulls (those buyers during the sideways consolidation) throw in the towel. S3 today is 1456.25 S2 is 1463.00 S1 is 1471.25 obviously, if the Fed comes in and makes a surprise move, non-technical influences will have changed.