It’s been very difficult for the bears to get any downside going over the past two weeks. Between USDJPY breaking out and VIX melting down, the algos had the upper hand. The KSA troubles were icing on the cake.
Although the initial impact was to inject some much-needed fear into the markets, the algos soon became encouraged by oil’s strength — as was witnessed last night when oil popped over 1% on the opening… …and, sent ES gapping higher by an impressive 19 points — making a lower low and completing a nice little H&S Pattern. No, the bears just weren’t able to get their ducks in a row. But, that was then.
Now, the ducks are very much in a row. And, from the looks of them, they’re none too happy about having to wait.
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