2/7/20 ES Price Structure- More Reveal. Could be Significant.

Important update: 12:19pm EST. One of our more recent devices monitors the global signals and it is very definitely demonstrating a full throttle move. Could hit targets by the end of today based on the internal vector pattern. All this is happening with the advance-decline (nyad) MACD weekly (and daily) very definitely in negative territory. Stay tuned.

Original Post:

We took a closer look after the structural relationships showed up on the ES E-mini S&P 500 (previous post). It looks like a megaphone or some other pattern (triangle, diamond, diagonal) maybe forming. Bottom line- impulsive legs are down, corrective legs are up and we are most likely approaching the end zone. Watch is now activated. Price movement predictability has disappeared short-term so there could be surprises in any direction. More complacency entered the market mood during yesterday as the put-call ratio dipped having been a little elevated for a few days prior.

 Reminder: A structural analysis target on the ES is at 3357.75. It could be a target for the cash market.

Global trading signal: somewhat agitated beginning at 2/27/20 -1am EST.
(This is notable because the week thus far has not produced any volatility in that signal)
Update: 10:00am EST. Initial agitation gives way to optimism in the signal for now (continued optimism is needed for a top to form).
Update: 11:37am EST.  Maximum optimism is definitely in the signal strength. The market could hit an upper target as soon as today if it continues. (new high?)

Note- two inverted hammer doji candles showed up in sequence ending yesterday in VXX! Very Rare.(acknowledgement MarketGauge.com) - 

Chart note- we like to label pattern vectors in the expected motive direction beginning with 'A'. We realize there are other conventions for labelling:

Our bots will flag a "V" when they see a top.  (1/25/20 Top Flagged!)
Our favorite go to site- McVerry Report
This information is for entertainment purposes only. Financial loss can occur from investing.