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The Green Trendline of Death 8/12/21

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Way back on August 2, the ES fucutures made a peak at 3 AM NY time. Little did we know at the time, would be the beginning of the little uptrend line has since been touched 3 times. Each time, the advance was repelled. But alas, each time it did, the market pulled back. And each pullback formed a higher low. 

The result has been that a pennant has formed on the chart. A pennant is a chart pattern. And as we know from the Third Law of Market Dynamics, all patterns are bullish. 

For now, the 5 day cycle projection is only 4455. But if they finally do take out the green trendline of death, then the next resistance line, and likely target of the next pop is around 4464.  

Support is around 4438-40. But there are multiple support lines below that to 4430. The ES would need to break 4430 to suggest potential reversal. 

tvc_8394fb85f0ac1b4bc4c88a1f72b2133c.png

 

And now for your longer term listening and dining pleasure:

Gold is Facing the Kiss of Death

We’re There, And Here’s Where That Is

Chart Picks – 41 Buy Signals and 28 Sell Signals Give Us 3 Picks

US Economy Just Went Over a Cliff

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