MFI went oversold on ES1 3 hr chart, so I guess we get an overnight pump.
I don't think we're gonna get a huge pump, but wouldn't be surprised by 10 - 15 pts, because that's what the computers always do.
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They pumped it up so hard the last 5 minutes that there's a gap at 2970.38. By law, all futures gap have to fill so I expect more whipsaw.... or maybe a drop next week when the Feds talk.
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Note: ECB meeting tomorrow night, we could see huge movement depending on what they do.
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Asia up, Euro up, US futures flat. Algos aren't acting quit the same tonight, though I still expect an up day tomorrow... but who really knows...
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ECN meeting tonight, more than likely a rate cut. The EUros could gap this over my blue line tomorrow which would cause a big short squeeze rally.
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*ECB
RSI almost overbought, MFI divergence showing. COuld be a pump and dump on the ECB rate cut.
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Appears to be setting up for another pump and dump, no position. Will look at shorting stuff tomorrow, retail XRT looks like a good candidate, retail numbers come out Friday morning.
@Shortatwill, I dunno. This is just a guess. Indicators show nothing, one way or the other. MFI no longer oversold, so it could sell off until RSI goes oversold and create a positive MFI divergence.
The other scenario is that the computers pump RSI back to overbought with MFI divergence and a drop....
DaddySawbucks
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Yes looking at this also. Expect a lot of whipsawing with pump 'n dump and good chance to fill that big gap from last Thursday. Too late to short; too soon to go long. Go fish!