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[Master Che]

Closing Comments: “Unfinished Business”

ESH11:
Upside continuation depends only if 1225.00 is achieved

We closed the session with valid arguments for both sides (up/down)
although I’m biased to the downside

Majority of the time ES traders follow the AUD/USD; unless we have a major confluence of potential reversal patterns on the EUR/USD; because the Euro mirrors the USD but in the opposite directions

The ES is completely disconnected from the other relative futures; AUD/USD – Crude – Gold – EUR/USD - USD
The DJ-30 is even more disconnected. This is why desperate buying is seen on every dip

I’m expecting a strong move down to 1195.50 (minimum) to 1175.50/1181.50; but tonight’s AH session is the last possible hurrah (longs) to keep it propped up before the ESM11 (December contract) expires.
It will be quite interesting to see how they proceed with the March contract, because this week they propped the March to keep December’s profits afloat.

In addition my immediate down bias (ES) is due to the EUR/USD, because its clearly pointing down to 12863/64