60m ES indicate turn down: - up trendline violated - broken down from big triangle - MACD kiss down ( second kiss after yesterdays'); however MACD is still above zero so this could still be a pullback and then rally with MACD line crossing above MACD average, all above zero - momentum oscillator down, in absolute terms and also divergence (lower tops in bottom panel); note that oscillator is not below zero as yet, hence possibility of this being a pullback in price and momentum, then rally again with momentum staying above zero and then rallying - Hull average turned down - blue to magenta - see last bar So, still not solidly down - slight possibility of this being a pullback in a ST uptrend. A break below 892/3 will signal down move is for real.
If T day crew is lucky then 914 is max upside, problem is that will put in a right shoulder on daily cash. 865 - 880 coming to a dom near you options interest points to ~880 min
FWIW: Briefing.com's tech view: As noted in The Technical Take the S&P needed to take out 913 in order to neutralize the pattern off yesterday's high. It hit 910 off the open and has recently dropped to a new low of 903 in recent trade. A minor support is at 898 with a secondary barrier at 895. The more important floor is at 885/884.
True. We had a intraday asc. triangle about 6 days ago and after 5 unsuccessful attempts to break to the upside it eventually went down, this could happen with the 918-920 line, we already had 4 tries I think.... Today so far looks like the consolidation continuing, remember bigger the rally, more consolidation is needed...