The overnight ramp job might feel like the real thing……if not for USDJPY’s breakdown. If the wizards really wanted to complete the IH&S Pattern and send ES soaring to 2800, there’s no way in the world USDJPY wouldn’t have held the TL it’s been working on since Jun 25. Note the negative divergence between the pair (higher highs) and ES (lower high.)
VIX made a valiant effort. And never say never, of course. After all, SPX did bounce off the critically important 2.24 extension again. And, holidays are notorious for nonsensical leaps over tall buildings. But, for the time being, this looks like a headfake. ES 2743 and SPX 2741.50 are the (neck)lines in the sand.
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