This pattern forecasts 5750 for the Jun e-mini's. We might even hit that today! Considering how ugly the opening call was, this day has been a miracle. You might recall I forecasted this 2 days ago, but even a blind pig can roll across an acorn every once in a while.
What a mess! As you can see from the 240 minute chart, things are indeed ugly. But, isn't it strange that we made all time highs just a month or so ago? Look at the Magic 7 stocks and find one that doesn't look buyable here. All the bearish sentiment in the world cannot stop the flood of FOMO money that will attract to the negative look of the chart to the first...
As I stated in my last observation, the "bottom" held and the S&P e-mini's began to move up reaching a .236 retracement at 5639. Considering the damage from the last few weeks, it was a welcome and much needed recovery. Looking forward, I expect a continuation of the market to chop higher heading to the next important level of 5709, or a .382 retracement. There...
I have seen some very goofy things take place in the market, but in 40 years of trading this is really a very special time of misplaced faith in the old style charting, but I can't help but want to buy here. People were literally throwing away their stocks like last Sunday's paper. My world as perceived through e-mini's say's: caution is warranted on the long...
