PowerBall Update – $ES_F what comes down must come up?
Did you get your tix? maybe since the guy we voted for did not get elected we will win the lottery. Probably not.
For a more clear background on the charts below.. refer back to last weeks post.
The ES tumbled this morning on decent volume as fiscal cliff worries scared the tape during the opening hours, per usual. Now that the 1400 has been regained and converted slowly to marginal support we have a decent foundation to work from going into month end.
Problem is.. every time we dip below 1399 sellers come out in force, 1383 probably wont hold again if pushed harder as Washington fumbles with budget crisis #2.
WE are looking for a move over 1408.25 to carry the ES into 1418-20, either tonight or tomorrow. If es fails to move over the metric refer to the above paragraph about what happens under 1399.