My sleep schedule is pretty screwy during this trip, so I woke up at about 1 a.m. Palo Alto time (4 a.m. North Carolina time) and saw something I didn’t want to see. Yesterday, upon observing the /ES and /NQ futures, there were two specific levels that, if crossed, would constitute a completed saucer pattern, and wouldn’t you know it, those levels were heeded with near-perfect reverence for the importance of those patterns:
/NQ futures
I’m already uneasy enough about Friday morning, so this is definitely NOT what the bearish doctor ordered. Powell could wreck any prospect of red quotes for a while with a few well-chosen words, but I at least thought we’d get one more day of peace before that happened.
I’m going to try to get back to sleep, but suffice it to say that these levels represent short-term support now.
