ES Update

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Screen Shot 2014-03-14 at 9.16.22 AM

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The gap target at 1836 has now been filled.  Now we watch to see if they stop there, or if the pros push it down under the VST range bottom at 1825.25 to tap into broader selling–where a number of close in sell stops are likely resting.  The early zone of contention today is between 1836 and 1825.25

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Screen Shot 2014-03-14 at 9.17.09 AM

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The chart above shows the realization of the first daily bar target I pointed out in my March 11 post.  That was the gap fill at 1836 correlating with a retest of the top of the old ST range at 1838.75.  If we are going to get a bounce, this looks like a pretty good spot

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Screen Shot 2014-03-14 at 9.16.44 AM

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The weekly bar chart above is the one I have been holding out as the grand road map to the Obama administration strategy in cahoots with their benefactors in Chicago.  That tendency chart is what enabled us to anticipate and grab the last stop sweep/reversal at 1747.  It also shows that this current weekly pullback is comparatively insignificant unless it breaks under 1825.25.  The current weekly bar is an ‘inside bar’ showing the range-bound nature of the market at present and the basis of my analysis from yesterday stating that between that last weekly high/low the market is simply consolidating.

Let’s call 1836 the intraday bull/bear line and see if we can’t get the expected bounce from this general area.  The usual MO for the pros is to bait the bears ahead of the FOMC meeting and then squeeze them back to the stops ahead of the announcement.  That script is getting a little tired, one would think, but let’s see if they trot it out yet again.

…my .02

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