Back From Whence We Came
A quick update on the E-Mini. This morning I was lamenting that we had missed that 100-hour breach. Then I stepped out for the gym for two hours and just came back to see this:
Most interesting – we just dipped below. Also note that the daily NLBL seems to be holding thus far. It’s a bit early to jump to conclusions here but I wanted to make sure everyone is at point. It’s permissible to be short here with a stop above the 100-hour, which is doing us a favor by moving sideways.
However, I don’t think the fat lady has sung just yet. The downside range on today’s Zero Lite is very minimal. A -1.0 signal would be more promising, -2.0 or higher would be ideal. The -0.4 spikes down here speak of minimal participation while everyone is kicking the tires of the U.S. markets.
The inflection point on the hourly is valid – but I would monitor it regularly as a surprise spike would not be uncharacteristic based on prior precedence.