ES made a high yesterday with some negative 60min RSI divergence and that high was within the range for a decent double-top. The double-top target is at 1460. ES is rallying at the moment but it looks like a bear flag and I'm assuming more downside soon. There is no positive divergence on the 60min RSI to warn of any low and there's no reason to think that the double-top won't play out further. First resistance in the 1495 area at the double-top valley low and on a break above the 50 HMA is at 1503.75:
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If the top part of this chart looks bullish to you, then the stock
market and a sense that all is well in the financial system should not
look bullish to you. The next crisis would be indicated by the long
‘bowl’ shown on the chart turning up hard. Although right now, it just
continues to gently round upward, above a supportive moving average.
Gold, now squarely a ‘risk off’ investment, should follow the curve
ultimately. Over the last 1.5+ years gold has shaken out the herd and
people who counterfeit official money have drawn that herd right back
into ‘risk on’.
It will errr, not end well.