Good Morning – Today is Series S4L and the SPILL is UP…Yesterday most certainly DID NOT possess a trending feature…In fact it was a very compressed range @ 7 handles RTH large contract…In a sign of weakness the last our high was early and weak.Another tell of weakness showed its hand at that early and weak high as well: a break out bar on the E-MINI occurred and took cash 54 cents on cash over the MOE-2handles used on cash to identify EXACT hits on pencil and eraser work (elliott wave)…WHAT DOES THIS MEAN???
In an effort to answer this I have included a CASH chart on 3 min time frame with a best effort count…If you are not familiar with EW do not let this daunt you or get bogged down in the weeds. It is the WHAT NEXT THAT MATTERS –It MEANS the red box on the right should try to hold any decline and if the red horizontal line is broken then the 3? And 4? Are wrong and the 5 =1 OR LARGER IS CORRECT AND THE Horizontal LINE; SACROSANCT’ is confirmation. It means the BULLS are then in DIRE NEED of DEFENDING 2085 CASH where the FLAT focused upon on Friday last week in real time and defined in the Monday COMMENTARY. That low was the ORIGIN for finding the 32.44 + 2085+ would act as RESISTANCE +/- MOE 2 handles…Now lets put this to PRICE on FUTURES and blend in the ROLL OVER…
Ok, today is -10.41 FV futures vs. cash…For those who choose to still trade June today, I did include the JUNE NUMBAHS in a separate document. BY SIMPLY subtracting 10-10.5 handles from cash you can readily see that 2100 BIG ROUNDIE, 2095.5 , 2095.1 weekly pivot (this will change Friday /do not let that throw you for a loop, and 2091.5 SPOT are correlated perfectly to the .26 to .5 retraces where one would expect a WAVE 4 to terminate…On OFFENSE you can readily see that 10-10.5 + 2112 SPOT gives a CASH value that shifts everything in the bull favor to go after higher CASH resistance in the 2130-234 CASH zone given earlier in the week as the next set of larger FIBS… ALTHOUGH it would be very very low odds without an event TODAY you should also be able to easily GLEAN where the BEARS will committed again to a larger BEAR MOVE..the 2075.5 SPOT !!! due to the 2085 LARGER CASH SUPPORT!!! –SO BEARS COMMITTED 2075.5 SPOT CONFIRMED 2068 spot of course!!! (2077 less FV within MOE)…Because I wanted to focus on ROLLOVER and the weak action yesterday at day end (not killing 2120.01 cash) those committed and confirmed prices will have to suffice for the FOLLOW UP to yesterday’s LARGER PICTURE charts for a little longer —
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