ES Update

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The setup remains the same as from my last post…

We certainly got the selling from right where and when I posted my last ‘head’s up’.  Now we are seeing the reactionary bounce after the sell-off from that new VST lower high at 1882.50.  The next thing to watch for is whether that VST lower high can eventually morph into a ST lower high–or alternately, if the pros pop ES above it, whether it becomes a potential bearish stop sweep/reversal play from that line.

Either way–1882.50 is the key line in play here for intraday traders.  The trailing stops of professional bears are siting just above, and we all know from experience and conditioning that the current regime has been bent on pushing this market higher on the backs of perpetually covering bears.  Normally, I wouldn’t even waste the time of being bearish in the face of unlimited artificial liquidity and an administration not shy about being extremely aggressive in most every phase of implementing their policy goals.  However, with a confirmed top spotter in place, this remains the best potential setup for bears that we have seen in quite some time, so we watch intently and wait.

ES 1844 was the low of the sell-off from the target on my last post.  That is the tentative downside intraday support number on the other side of 1882.50. VST Bulls riding the countertrend buy signal from 1823.50 would probably start selling under that line, if it gets there–so that is the possible intraday range to look at here in the VST.

…my .02

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Addendum:

Some of you may have had some intermittent inability to connect to Stops and Targets yesterday.  The reason for that is that we just finished a week long major move from our long-time hosting company to a new cloud configuration and it takes time for the domain name servers to propagate the new IP addresses world-wide.  Our move will allow for considerable performance and feature improvements going forward.  At this point everything should be working for all of you–if not, please send our tech guys a service ticket from your Stops and Targets settings window.

At the time that Stops and Targets was established, we developed a business relationship with the very best web host then available and they were great to us for many years.  Recently, however, that company was acquired, and in the new management’s zeal to cut costs ,they moved their high end dedicated server clients, such as us, to an inferior hardware infrastructure in a cheaper datacenter.  That is just the way it goes sometimes and after years of almost uninterrupted downtime on our servers we recently have had two significant outtages that knocked Stops and Targets offline for multiple hours.  That is completely unacceptable, and so we decided to bite the bullet and move everything to the most sophisticated host we could find, with the best customer service reputation–and of course, bleeding edge technology.  With a move of this size and complexity, it is not uncommon to have some glitches.  Though we are hoping for it to be mostly seamless from here on, I just wanted you all to know what is happening behind the scenes and that it was just a temporary glitch as we unplugged the old and fired up the new.  Our tech staff here are all sleep-deprived and bleary-eyed from the events of the past week, but are excited to have new and much cooler geek toys to play with.  🙂  Hope you all like the new changes going forward.

-swinger

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