I analyze macroeconomic issues from a fundamental perspective, and I analyze market behavior from a technical perspective. Original macroeconomic analysis can be found here and both macro analysis and commentary can be found on my Caps blog. If you like or appreciate my analysis, please add yourself to my Following List

Thursday, February 11, 2010

Drink Pink Ink

Overnight the ES completed a perfect flat (textbook actually) for X of Z of 2 .... assuming that this is not just the start of a correction at a larger degree :)

But like I said last night in Flag Day, there really are a plethora of flags on the charts, and they are all bearish pointing to one last tired move up today. Things should get very interesting when (.... if?) the blue trendline gets broken.

We will see how it shakes out.

Also the Nikkei Futures are in a ascending triangle (bullish continuation) which looks like one more pop higher. This would be consistent with another leg up on the ES

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