Comments from the current wunderkid are up at the Evil site along with a nice piece from Northman Trading. McElligot's current thesis is that the funds are significantly underweight equities. We saw them get out and go short as the retired baby boomers got their money out of the market at year end. But this would not be a long term commitment by the funds, just renting equities as we retest the failure point around 2600.
Twitter feed is full of predictions for a top to this move around mid week unless something significant happens to change minds.
Teresa May expected to survive vote. No deal. Parliament cannot make up its mind. Chaos. Second referendum might be what happens. Stupid to even have the first one. David Cameron conveniently leaves after the original Brexit vote failed. UK as a financial center losing out.
Charts posted are not recommendations. They are just a sharing of information.
London/Frankfurt closing. Not uncommon for this time zone to be the high or low of the day. Considering the flat line for the last hour I don't have much hope for either. Another 30 minutes like this and I will be looking for a mirror to confirm it is a dead body.
FT 71 said this morning that the composite POC from the Dec 12 high to today's open is ES 2497.50. So if this thing starts rolling over that 'should' be an important level.
This weekend Coolbiz showed targets of 2660 based on an inverted head and sholders pattern A couple of minutes ago he was doubling down on that prediction
"As mentioned a brief pullback for [ii] did come to 2524.56 low. Hope many of you got long..For a Wave [iii] of Minor C is near 2584-94,a pullback for [iv] and a [v] after to complete C by Friday or sooner? Will adjust as it progresses.Must not breach 2524 now or ST invalidated."
JFR wrote:Big picture. SPY trying to move up. It might take some heavy lifting. Bullish enthusiasm seems to be there. But the markets are kind of schizo. Brexit stuff coming up too.
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i see up to press 2600 level this week , not sure we can crack it without a solid test of the prior break out. jmho.
clearing longs 2580s to be safe expect a pullback, ups and downs, trying to crack that 2600 level , think fail until better long opps around original breakout 2480ish levels.