ES Update

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Once the ST primary trend line was broken yesterday, the flush was on…

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The pros rarely disappoint when it comes to running plays around an ambush zone.   The old range top at 1212 was a perfect launching point for a fast move towards the pivot range stops located under 1223.50, and the old bull/bear line at 1182 was where they pulled the plug.

They are into those bull stops under 1123.50 on the cash market open this morning, so that now becomes the new bull/bear line as we watch to see if they run a stop sweep/reversal play around that line… or if they keep going to the next Stops and Targets ST target at 1117.50 or the next pivot target lower at 1105.50.  As I mentioned in a previous post, we definitely got an ‘assault on our sensibilities’ at the FOMC announcement.

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The higher high/higher low bear flag structure has been broken with the push under the channel bottom and the violation of 1123.50, and bears would be back in business under that very important line.

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The post FOMC move broke the ST resistance and support trend lines.  IT support trend line is presently at the 1079 area.

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The US Dollar Index is looking frisky…

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…the opposite of the commodities index

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…and gold

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…and oil


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