This opening rally to SPX 4154.28 this morning
on the better than feared CPI for April at 4.9 % Annual,
has all the footprints of a "blowoff top".
The S+P 500 Futures "Weekly Continuous Chart" that I keep
going back to 1995, shows this mornings ES High of 4173.25
peaked right in the "significant" multi week resistance area on the long term chart.
Be careful, as "big money" S+P 500 future traders
who sold into the rally's strength, drew first blood today,
although another rally back up, to this resistance area
could test the bears once again, before the end of the day.
SPX OPEN 10 AM 4135.20
THE_UNWIND
WOODS OF CONNECTICUT
on the better than feared CPI for April at 4.9 % Annual,
has all the footprints of a "blowoff top".
The S+P 500 Futures "Weekly Continuous Chart" that I keep
going back to 1995, shows this mornings ES High of 4173.25
peaked right in the "significant" multi week resistance area on the long term chart.
Be careful, as "big money" S+P 500 future traders
who sold into the rally's strength, drew first blood today,
although another rally back up, to this resistance area
could test the bears once again, before the end of the day.
SPX OPEN 10 AM 4135.20
THE_UNWIND
WOODS OF CONNECTICUT