Quote from Laissez Faire:
If we break below 1351,50...
Back at my desk and I see that I did not miss much.
It was probably a good thing that I was not here, because who knows if I might have gotten trapped into a short on one of those fake breakouts appearing as tails on the 5-minute bar.
I`m sure that the 13:20 5-minute bar trapped a lot of traders as it certainly looked very bearish, but probably reversed and closed @ support.
Now, the obvious support is @ 1351,50 with resistance @ 1355, slightly above yesterday`s highs. A narrow 5,75 point range.
As of now, we have been making slightly lower lows and slightly lower highs in the ES. We`re still in a range and it`s only marginally, so it`s not a strong sign of weakness at all.
YM looks stronger, but did not take out that last top yet.
NQ is without doubt the weakest, clearly making lower highs and lower lows, although it`s not a strong down trend. Might find some support @ 2400.
I`m not seeing any strong signals yet, so I will take my time and see what happens. Who knows, perhaps the t-day boyz are running late.
Any opinions?
