ES Surges in Reaction to PBOC (China) Rate Decline. Fade the News, or Keep Buying the Central Bank Mania?

After nearly 2 hours of trading, ES (Emini S&P 500) is trading about 16 points off of its intraday high, and about 6 points off of its intraday low.

As long as 2053.25 remains viable intraday support, this morning's PBOC-induced spike to new post-Aug. recovery highs will remain part of the ongoing bull move.

However, should 2053.25 break, the reversal pattern will argue that the most recent upleg from the Oct 21 low is over, and that a correction already is in progress.


  Matched
x
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!