Chart 1: The cash gap from 4/1/2021 has been feeling neglected with all the exuberant buying of late. The potential for it to finally get handled may be about to materialize. There is room for a little more upside on the current ES print with a lower target on VXX before a market decline- if that's what it has in mind. ES 3960.00 zone is a first draft target possibility. Any move that closes the gap will also work.
Chart 2: Weekly summation 50ma is a signal that gives a good heads up on where things are when analyzed with everything else. The previous idea of a single peak no longer fits given the overall expectation for the market. Either a flatish or double peak could print. The first peak may have just topped.
Chart 3: Historically the pre-top move (pivot) occurs with negative signals on weekly breadth [chart 3] and we are a long way from that set up according to the current signal line [red]- the MACD plot and histo bars are all very positive. HOWEVER- there is a negative divergence & daily is a different picture with a negative print on the red signal line. This is supportive of a corrective pattern pending. Once again- if ES lurches upward through the current top- a new analysis will be required.
See Critical Long-Term UPDATED 4/12/2021 Review Here
The bots will flag here when they see a top. (1/25/20, 2/20/20, 4/9/20)
This Information Is For Entertainment Purposes Only. Financial Loss Can Occur From Investing.
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