ES appears to be back-testing the broken purple channel midline. But, the channel’s exact placement isn’t set in stone.
I show it bumping up against falling channel bounds, but we’re likely to see an intraday push above.
USDJPY should reverse at 102.78 — the red .618 as well as a channel top and another channel midline. When it does, ES should run out of gas as well.
That should be it for both, unless consumer sentiment surprises big on the upside.
Looks like it’ll be the red .618 at 1860.42 or the white .786 at 1861.31 instead for ES. USDJPY came up just a penny or two shy of the .618, and is hanging around. The ES algos aren’t done until it actually reverses.
I’m seeing more and more of this lately — where the push goes to a tick or two shy of a reversal point, but doesn’t quite touch it. It leaves the door open for the next BREAKING NEWS! rubbish from the MSM to launch another step higher rather than reversing as it normally would.