Arguments for: I already see evidence that the 2913.75 target is in play.
Arguments against: Evidence that a move to minimum 2672.50 ES is in the cards (with 2631 next). (The bullish evidence of a move to 2913.75 is more convincing in my book. But my book does not move the market.)
Posted the above Wednesday. Also mentioned the death of the bullish target if 2361 was reached (actually was killed by a higher number but the target became 2631 once 2672.5 was breached with conviction). Friday's move put to death the 2913.75 target as referenced in that post by a move to 2631. 2631 was reached and breached in Globex Thursday night/Friday morning. Danced around the number for 11 hours from 7:30 PM Thursday until 6:30 AM Friday. That 30 minute bar closed at exactly 2631 and from there ES advanced a total of 27.75 points to reach 2658.75 in the opening bar of the cash session. From there it went straight back to the 2631 area and spent over 3 hours dancing with the number. The ten minute bar that closed at 2:40 PM finished dead on the number (2631) and the next bar opened one tick below (2630.75). Tried to regain it and then it sunk like a rock. Cash close was below another big number but the settlement was above it as was the ES close at 5:00 PM eastern daylight.
Bottom line. They need to get back above 2631 Monday and hold it or the minimum downside target in play becomes ESM8 2554.50.
Edited by Iblayz, 24 March 2018 - 10:10 PM.
