The S&P 500 via its electronic futures contract the /ES printed a poor high on the session. This refers to a high watermark printed as a double or even triple print. It is very uncommon for such a print to mark swing high. Given our recent swing high this morning, it lends a bit of confidence to being long…at least until a new high is made.
UPDATE: Also, reader Matt_Bear points to this chart, where he sees a pattern which may preclude higher prices:
i wish i could post a chart. the spx daily chart is just beautiful. we were in a wedge using the 12/20 and 12/27 low and high to make the triangle. we broke out of it midway, and hard. reversed back up all the way and pinned the top of the wedge. we are now resting on the bottom boundary, inside. the wedge points up. if we rattle around inside for a couple days it also completes a nifty inverted h&s, which also points up. So, in short…we’re going higher.
email a picture of it to twosmuth at gmail if you want, and I will amend it to this post
mighty kind of you, sir.