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ES #F Is the market getting ready to roll over?
Our longer term projection shows a possibility of the market to be vulnerable. Our longer term projections come in at 2576.75 and 2455.25 if the market stay below 2878.25. We are near to the breakout of the triangle drawn from the January 29th high on the Daily chart, Volatility is increasing and the ES is showing weakness against all major instruments including:
SPY/XLU (SPY versus Utilities)
LB/GC (Lumber versus Gold)
ZB and TLT (20 and 10 year bonds)
HYG (Corporate Bonds)
On the Daily chart attached a comparison of the strength to the above show the ES strength is now below the 20 day moving average compared to ALL.
The wide range bar on the 13th look like an up thrust and closed near the bottom after penetrating the previous day and the swing high of the 27th of February. If Volatility continues to increase and substantial down wave volume develops we can be in for a substantial ride down.
Caution should be taken when taking longs in the following days and weeks.
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