So if the prospect of a relaxation in trade wars is worth 3,000 points on the Dow, then surely the total collapse of trade talks is worth – – what – – about 70 points or so? Anyway, as I type this on Sunday evening, the ES is down, getting slaughtered and vanquished to the tune of two-tenths of a single percentage point. It’s just like last weekend. A mountain of bad news resulting in a tiny downtick, all of which will be green by tomorrow, right?
In order to actually BREAK the uptrend, we’re going to need to see the ES slip below 2869.50, which I’ve tinted in yellow. In order to accomplish this, all that needs to happen is an extinction-event asteroid will need to be heading toward earth with a 100% probability of a strike within the next 36 hours. That would do the trick.