An Unwelcome Saucer

Published 08/25/2022, 06:12 AM
Updated 07/09/2023, 06:31 AM

Yesterday, upon observing the S&P 500 and /{8874|Nasdaq}} 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:

ES Futures Chart

NQ Futures Chart

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.

Suffice to say that these levels represent short-term support now.

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