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Mr. T wrote:All the data I see from this morning is bad....... why are we up?
it wasn't bad enough before 10 AM that the HFTs couldn't contain it. That whopping miss on the Philly manufacturing index at 10 AM could not be ignored.
Mr. BachNut wrote:Something to watch. There is a well defined rising wedge on the ES future. The break could be a mover.
Rising Wedge.jpg
I am short hard on ES since yesterday
Definitely saw that wedge - but the crazy swings yesterday started to form a wedge pointing up
The spx 8ma and 60ma crossed and towards bears - with moody downgrades plus other poor data I think some resolution down is going happen now - you are right in that it may just be a buy the bounce
2nd target met. now yesterday's low as support, let's see.
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3rd target met, should be more. bloody day today could be.
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One comment on Crude Oil.
Look at a weekly chart.
Yesterday, it pierced below a rising bottoms line from the February 2009 low.
It has been consolidating above this line for the last four weeks. So, the line was providing support.
The significance of the break probably explains the big volumes in USO yesterday.
It could be a move to force capitulation and set up for the turn, but if not, a revisit to those 2009 lows is technically in the range of outcomes over a longer time horizon.
Hard to believe.
The follow through from here should be informative.