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Tuesday, August 16, 2016 9:15:44 AM
ES Continues to Grind Higher with Sellers on Strike or at The Beach
By MPTrader
* August 15, 2016
This picture continues to amaze, no? ES (Emini S&P 500) made yet another marginal new all-time high at 2185.75 today, as it slinks to the upside in micro moves.
Indeed, the overnight range so far is just 5.25 points.
Ordinarily, we should expect the intraday range to expand throughout today’s session, but who knows?
If it does expand, then the path of least resistance is up, towards 2200 next. On the other hand, should ES break below 2175.25, the "weakness" will inflict initial damage to the post-Brexit uptrend.
More importantly perhaps, if 2175.50 is violated, the July-August rising-wedge formation will break to the downside, which should represent a major warning that there IS two-way risk in this market after all.
https://www.mptrader.com/middayminute/
• DiscoverGold.
Click on "In reply to", for Authors past commentaries.
By MPTrader
* August 15, 2016
This picture continues to amaze, no? ES (Emini S&P 500) made yet another marginal new all-time high at 2185.75 today, as it slinks to the upside in micro moves.
Indeed, the overnight range so far is just 5.25 points.
Ordinarily, we should expect the intraday range to expand throughout today’s session, but who knows?
If it does expand, then the path of least resistance is up, towards 2200 next. On the other hand, should ES break below 2175.25, the "weakness" will inflict initial damage to the post-Brexit uptrend.
More importantly perhaps, if 2175.50 is violated, the July-August rising-wedge formation will break to the downside, which should represent a major warning that there IS two-way risk in this market after all.
https://www.mptrader.com/middayminute/
• DiscoverGold.
Click on "In reply to", for Authors past commentaries.
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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