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my bias is down but it could be a consolidation between blue lines, let's see.
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Bounced ona standard floor pivot or was it just another case of put enough lines on a chart something is bound to work (fooled by randomness). Regardless the average range calculation is showing declining volatility so those 10 point swings continue to be just a fond memory. Well not totally true, I was scared to death during the big swings when subprime exploded.
It's the power 1/2 hour (European close coming up) and the ES is at the regular hours Average Daily Range low ( a bit below the same for Globex) so either the low for the day is in, which would fit a common pattern we have seen a lot of lately or we are about to get into serious bear move.
Pure guess is we chop around for a while then somebody starts putting some money to work, at least that's what it says on my t-shirt
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I will be ready to sell kidneys after the Jobs report on Friday!
Elliot wave counters saw this as the initial low last week (OK Cool Bizone, and remember Bachnut warned you he changes his mind really really fast). Possible another 20 down or so, then back up to test the highs.
I see that it is unusual for the ES to end the day outside of the average daily range calculation. NY Fed Chair Dudley's speech today did't make zerohedge and we are done with number releases so no known unknowns left.
VWAP down to the S2 pivot and slowly falling. Usually see market jump up and touch the bottom of VWAP sometime in the afternoon. Itr will sure take a lot of heavy lifting to get to green.
Factory orders at 10 tomorrow and then that noisey ADP payroll on Wednesday. Both could be sell off triggers. Asian markets may not like this Monday action but I guess it more depends on what the PBoC does this week leading up to the Florida meeting. Does Xi Dada play golf?