Good Morning – Today is series s4H and the SPILL us down. Today will probably result in a ‘beauty
is in the eye of the beholder’ based upon how the ‘beholder’ views yesterday .. Bottom line: the BULLS FAILED offensively on the following levels:
The Peean trap was not seen in the RTH — 2093–SPX CASH and RTH futures matter far more than off hours BUT awareness of off hour extremes and which country produced them is an awareness that should not go unnoticed.!!! The peeans keep providing the traps; however a lot of China has been dropped on the kitchen floor.
The Bulls failed at 2 especially critical times. The first was failure to gain separation from a price provided all week as critical , 2087!!!! a non spot ES price. The first was egregious because the BULLS held price to a shallow low at the a.m. low , 2073.5 LOD and even received the gift of a very short in duration lunch low that provided the back through acceleration of the 2083 SPOT –see 12:01… The last failure came on DEFENSE and also involved the 2083 SPOT.The bulls needed an extended wave UP after a best efforts count of COMPLETED 5 WAVES UP was issued at the mid p.m. high. In plain speak : this meant they NEEDED TO SEAL the last hour low at 2083 or higher if they were going to accomplish the following: get the extension, get a squeeze to the close, finally gain separation from 2087!!!!, and go after the PEEN TRAP @2093 ES AND THE 2091.5 SPOT.
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