posted 11a.m.
from pre-open Monday 1st June
>>…Price could well accelerate up into the 91day time count from low which comes in early next week.<<
from pre-open today
>>ES printing back below 941 would be a first indication of weakness.<<
After opening at new rally highs today the market sold off sharply.
Correction re the 91 day calendar count off the low:
It does not come in early next week as I wrote, but today. A day or two each side of the count is usually not that important but the fact is – it is today. Apologies.
We have overbought technicals, negative oscillator divergence and a sell-off from the open on a day which is 91 up from low.
This may not be a top (it might) but bulls definitely want to see ES printing some time back above 941.
Bob Debnam