Market Pulse: A Quick Look....
It’s been a very Interesting first week and a bit of June. So far timing and reads been on point for almost ALL asset classes and I hope all of you have found value in all of this. More importantly I hope all of you got pieces of this market action, it been scaled into almost ever single asset class and its been quite fruitful.
It’s far from over imho and there are still multi key timing bands and reads to coming and currently building. Such a change in structure and in perception and personally I sense/feel its caught many by surprise. That pounding rally out of the March lows and peaking end of May early June was relentless and now things can get somewhat loose but I expect a low/trap soon and that rally will be very important going forward. Its not just the indexes, some commodities, FX and Bonds all seem to be entering this next series of timing bands on the defensive.
A quick look at ES and ZB as CPI enters the chat and the week creeps to an end. ALL off the 60 min view/templates.
ES 60 min This chart and reads terrifies me the most - why? A few things.
The Greens and the yellows that followed saw a rally but that rally was shallow (to me). Greens and Yellows all fried off that 7563/67 zone - it only took it to and slight above that 7623 and if you recall I stated my system really had no levels above, like zero and now (in a way) I can see why (yes some 20/20 hindsight) but to give some credit here the system also was looking forward to the early June cycles (tops) and since then it’s shown it’s true colors.
More importantly (to me) ES printed Pinks and Yellows off that (or just around) that 7563/67 and matched the greens and previous yellows - the amount of energy stored at that point was immense and once broken (in this case below) its accelerated.
Now this 7367/63 has PINKS and is extremely important for above.
Whats caught my eye even with yesterdays puke…No PINKS. not even an attempt.
