Overnight trading in the ES S+P 500 Futures this morning, claimed very bullish buyers in a pivotal false upside breakout, thru and into historic all time highs, that proved to be the fatal short term endgame.
When buyer's move price into uncharted skies there is always a risk of an immediate reversal of fortune, if there is suddenly no one left out there to buy.
As you can clearly see on the 30 Minute Chart presented here, you can see the spike up on the chart to all time historic highs, followed by an almost immediate fall off the cliff reversal.
That in technical jargon is called an "exhaustion" failure move.
Technical Analysis 101 reveals that that kind of move is usually followed, by a bearish price reversal, and that is textbook, to what what happened today.
At long last is it time for the bears to wake up from their slumber? This has been a very long hibernation... Perhaps early August we can have some fun.