S&P 500 Futures: Picture Perfect Broken Trendlines

Published 08/21/2019, 02:04 AM
Updated 07/09/2023, 06:31 AM
ESH25
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Having endured the nonsensical rally Monday, I was pleased to see us sink again yesterday, because the broken trendlines are absolutely picture perfect in form. It’s because of these trendline failures that I was comfortable pushing into more short positions during the strength.

S&P 500 ETF Trust

You can see how beautifully the ES mashed against what is now resistance and was repelled all day long.

ES Chart

Looking at the larger intraday picture, you can see this is the third annoying time that the government has tried to “save” the market, only to be repelled each time. The jawboning, after a decade, is losing its punch.

ES Chart

The bottom line is that pipes’ top-rated comment from yesterday is what I believe. I know he meant it sardonically, but from my point of view, this is the absolute truth.

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