Small Pattern to Watch

By -

Good morning, everyone. It's still pitch-black outside, and I'm not yet rarin' to go, so I'll start off with one small observation.

The /ES (and GLD, for that matter) is in a formative pattern which could yield a head and shoulders top that could slip the /ES down to about 1057 (plus or minus a few points). Again, this pattern is in formative only, and it's certainly not textbook quality, but it's worth watching inasmuch as a cross above 1090 would render it moot.

1019-es