Another day of assurances that everything’s going beautifully, just a few loose ends to tie up, etc. The talking heads are certain it’s a non-event. I remain, shall we say…uncertain.
In the meantime, ES tagged the .786 retrace (in purple below) from the all-time high overnight and retreated to the neckline of a rather imposing looking IH&S. In the past hour, prices have slipped below the neckline. (SPX came within 0.98 of its .786.)
As discussed yesterday afternoon, the .786 is a great place to try a short [always use stops — especially in highly unpredictable situations!] Besides the channel and harmonic indicators, there is a potential analog in play. Actually, two of them.
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