Draw a horizontal line in at 1310.5 -- it was a swing high from a while back. The market has been vibrating along this line. ES has the potential to rally again... keep an eye on 1321.5 if it does -- the left side of our current IT puts prices ABOVE this level. Guess what else is above that level? A ton of stops. The market pulled back from 1321.5 and now it's trying to get going long again. Check out your RH TL from the oct low... it's pretty close. So it's decision time... if the market gets going long and doesn't take out 1321.5 you have a pt3 short on your hands... if it gets going short - pt3 is in and it will have to deal with that long term TL. To answer your question - at this stage I think it's way too early to say.
The commentators this morning were absolutely giddy about the up move in the dow but the sixty minute YM chart made me pretty cautious. I did not trust the move up but got into synch in the pm p.s. 60 min channels are very powerful if you havent noticed yet.
My YM data feed is all over the place. Unusual spikes in the DOW FUTURES across all my data feeds (prophet/IB/IQFeed). I've got 56 pencilled in anyway... Regards, MAK
My eSignal data is still wacky. Went long on the stretch that seemed to last forever this morning. Know why now ;-) Bailed before the drop though. Lost 3 YM points....
Interesting - it looked like synch occurred about 3 minutes into the morning. My offset is 56 also. Anthony