Well, we got another end-of-day push, and my big, fat intraday paper profits disappeared Houdini-style. Meh. That's the way it goes.
Looking at the /ES daily graph, my view is that today served the purpose of retracing back to the broken channel. Now, in recent weeks, two black candles have been all that's been required for the market to blast higher. That could happen tomorrow.
But if it doesn't happen tomorrow, and we wind up down, that's bearish for two reasons: (1) it violates recent bullish behavior, which has been very consistent for over a month (2) it affirms the importance of the broken channel.
That's it for me. Good night!
