Quotefrom 10/10: "We are right now at triangle resistance at 2163.50 /ES and 2170 SPX. The intraday cycle today is biased higher and tomorrow is biased lower."
Tuesday, October 11, 2016
The markets topped yesterday right at triangle resistance at 2163.50 /ES and 2169.60 SPX and promptly reversed into this morning's Lows
It remains a daytraders market, but we are still expecting an 10/10L+/-1
We gapped sharply lower this morning to a 10.25 1st hour Low at 2139.75 /ES, right at trendline support.
The intraday cycle today sees a 1st hour Low, midday Low and last hour Low.
If the midday Low is lower than the 1st hour Low, it suggests underlying weakness and suggests we will see a last hour lowest Low.
If the midday Low is higher than the 1st hour Low, it suggests underlying strength and suggests we will see a last hour higher Low and higher High.
Tomorrow is an Inversion day, with a 79% chance we see a 1st hour 10.20 High and a 21% chance we invert to a 1st hour 10.20 Low.