For those of you waiting for fund documentation, it should go out this evening or tomorrow. I underestimated the amount of time necessary to get all the accounts open (bank, administration, brokerage, etc.) Thanks for your patience!
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ES tagged yesterday’s target pretty precisely, bottoming out at 1663.25 and bouncing as high as 1677.50 before soccer moms began attacking the Capitol.
A dip below 1666.75 might normally be expected to open up a small Crab Pattern to 1650.99. But, the larger pattern .618 is at 1663.71 (below in yellow), only a slight breech of the purple channel bottom. It could prove to be strong support — depending on what sound bytes are being delivered by CNBC at the moment.
The positive sound byte at the time was Boehner saying something conciliatory. Even after the “new face of terrorism” was revealed, ES managed to close above the purple channel bottom and remains there this morning.
The dollar is also rebounding a bit, backtesting the channel midline — and probably at least the purple .786/red 1.272 at 80.217.
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