I was originally going to title this post “The Thin Blue Line“, because there is a horizontal on the /ES that I’ve mentioned multiple times over the past week as being an important S/R delineation. The post-Powell flame-out – – a humiliation the man probably doesn’t even realize yet – – can be thanked.
Instead, I decided to emphasize the “star” in this post: specifically, the shooting star candlestick on the daily /ES, an important reversal pattern. Yesterday’s Fed meeting was the last major event of the month (except for the big China/US trade signing scheduled for March 27th …………….oh, that’s been cancelled? OK.)
I’m banking on Wednesday’s highs marking the counter-trend top.