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I guess nobody over here pays attention to the CME ^225 futures.
At least a lot of nobodies . . . but I do.
Despite the pathetic close in Chicago, the bulls came snorting out of
the gate here, and they ran the futures to 11,250 in no short order.
It was your "last chance" to buy. ^^_^^ But, about 9:45, the market
reversed and we were quickly down to 11,140. No huge surprise to
those who were paying full attention.
Amazingly, sentiment is so one-way here right now that this first
plunge apparently didn't scare anyone. Okay, so the first plunge
*always* gets a bit of a bounce. But in the PM session, we waited at
11,170 . . . no buyers. We waited at 11,130 . . . no buyers. We
waited at 11,000 . . . no buyers.
So, we have technical damage here, for sure. DT, I am still sure you
are wrong about 10,900 being resistance. Clearly, the level is
higher. But, we apparently need to test something lower before we
can go higher, which does not surprise me at all. One-way sentiment
is a killer. So, the question is . . . where is the support line?
Could it be 10,900?
I don't know where we will close (in 20 min.) but it won't be where
the morning traders will be happy.
(It was a great morning to liquidate into strength.) ^_^
Yuki
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