If you follow this blog or if you would like to review previous blog posts you will see I am not a graduate of the hype/hysteria school of analysis. I only post warnings on potential sell signals when our work that is based on Auction Market Concepts objectively reflects that view.
As I write this the indices are close to giving the initial signal of an top of larger degree than any seen since the 4th quarter of last year. A close below 1511.50 in the ES, below 911.00 in the TF, below 2730.50 in the ENQ and below 13954 in the YM signals a potential important top may b in place. If that occurs, a subsequent close above today’s respective highs in the indices high by all of the indices voids the sell signal.
On the other hand…if the indices reverse and close above today’s highs it is likely very bullish at least in the short-term.
This scenario was outlined in advance in this weekend’s Daily Briefing and Strategy Analysis report. You may access that report here.