I’ve been noticing an interesting phenomenon this week, in which the equity futures are very strong before the opening bell, but the moment the cash market opens, the breakouts that should have taken place simply don’t. If I were a bull (pro tip: I’m not), I’d find this absolutely exasperating. The Russell 2000 futures is a perfect example of a breakout in full formation (green) which absolutely barfs when the bell rings (red).
A shout-out, by the way, to Schlumberger (SLB) which has not only completed a nice reversal top but is also threatening to break its trendline.
