Well, after actually having a decent day on Thursday, I was bracing myself this morning when, at 4:44 a.m. (my daily wakeup time; thanks, Coda) I grabbed my iPad to see how my mood watch was doing. Red or green? The answer: red, and quite so! Wow! If this actually sticks, it will be the first set of back-to-back down days since the signing of the Magna Carta.
It was just in last night’s video that I was touting the importance of breaking through the various support levels in crude oil. Well, goal was one already accomplished! We’re beneath the red horizontal, and as I type this we’re rammed against the bottom of the wedge. Let’s see if we can manage to break that sucker. If so, it opens us up to the mid-40s.
Alongside this, the ES has broken its sharply-ascending trendline. We still have to deal with the Bar That Screwed Up Everything (tinted in cyan), since that’s wrecked some very clear topping patterns,
I’ve grown cynical enough to take these morning drops with a grain of salt. Indeed, I’m not even sure we’ll manage to get beneath that 2070 level again. But hope springs eternal in the bearish breast, even after the horrible time that 2016 has turned out to be so far, so I’ll at least take solace in the breaks we’ve had this dark morning and hope we can manage to actually keep things red until the close.
