UPDATE 1:55pm EST: So far the ES 844 R4 pivot has held but I’m still a bit suspicious about a possible snap to the upside. The Yen is actually pushing up and equities have been burning a lot of MACD/stochastics without giving up any points. Not good – I’m really torn here between not wanting to re-hedge at the top and not wanting to take it up the rat’s rectum towards the end of the day. I need to see some movement now – the longer we hang out up here the weaker the short term bearish case.
Since channels have worked well for us lately let’s watch this one.
UPDATE 2:08pm EST: FYI – I just rehedged myself when we breached this channel. Maybe it’s a mistake and I locked in profits here but I don’t enjoy seeing the Yen pushing up and trend indicators burning down without equities giving up any points. Smelled like a consolidation before a big push to the upside.
UPDATE 2:22pm EST: Take a look at this little nugget:
You know this chart by now – and it’s not looking good for the short term bearish case.