Meet Me in the Morning

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There is precious little that can be divined from the first half hour of futures trading on a Sunday, but frankly, folks, I’ve got no new posts left in me, so I wanted to just do a quick last one before signing off.

To my mild disappointment, all the equity futures leaped about .666% higher at the opening bell, and as I’m typing this, they’re all still green. We remain beneath overhead supply, and I’d really appreciate it if the market gods could keep the price action beneath those horizontal lines I’ve been mentioning.

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Line Limits

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It would be easy for make an argument for either side at this point. For the bulls, one could argue that the market is deeply oversold and long overdue for a powerful counter-trend rally. For the bears, one could argue that the topping pattern is nowhere even close to having expressed itself to the downside and that, rally risk be damned, the broad trend is going to be lower. Just like last weekend, I am facing the new week with apprehension and anticipation. Here is the weekly chart of the /ES to show the muddled state we are all in:

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