Monthly A down in ES is 1347. That needs to hold for the bulls.
The ACD Method
- Thread starter sbrowne126
- Start date
Bonds continue to lead this market in both directions.
Number lines are much weaker than they were the last trip to the lows of this ascending channel. We'll see what happens this time... One thing that is a silver lining is that we're not confirming a -5 yet on my 5 day, and my 30 day is still a hair above 9 in the SPY. Again, who knows, but we'll see how the lines look after today. May be something to lean against as we touch that monthly A down, (if we do so).
Maybe not today, but... just to play devil's advocate, I have it sitting on the weekly A down, and it's right at about the month A down. It's got a decent uptrend going, so I wouldn't count it out just yet.
That said, you can't love the failed quarter A ups that it's had so far, but do two tests suggest a third maybe?
Natty now has a confirmed weekly A down for me and is working on the monthly. That failed QTR A up is problematic. The failed A downs are definitely the best way to nibble at longs. And whatever happened to the hurricane season? LOL.
Well, the levels held today in the ES and we actually saw some strength in many sectors. My number lines are holding firm here. I think this market is going to remain choppy and news driven but there is some underlying strength out there. I think we should get a re-test of 1400 sometime this month. The monthly A up is around 1403. Not sure we will be able to break through, but a test is in order.
