ES hit my targets on Friday but didn’t reverse there, closing very well below both the daily and weekly upper bollinger bands. I was asked why I am expecting at least a test of the highs before a larger reversal and the main reason is that there was no NYMO or daily RSI 5 divergence at the current high. We don’t always get either of course, but we do much more often than not, as you can see from the 7 month chart below showing the trend reversals over that period. SPX vs NYMO daily chart: (more…)
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