ES Morning Update March 4th 2016

1242
11429

c9c65d39-fed8-44b3-8eeb-ffe7681d6afbFalse breakout of rising wedge is putting in a topping tail candle.

MACD's look ready to fall

I'm going to keep it real simple as there's not much to add here today that wasn't said on yesterday's morning update, and added upon in the chatroom. I'm looking for a pullback to the 1930's area and that should happen into next week.  We have the Thursday/Friday low that's common every 2nd week of each month.  Charts are ripe now for this pullback as I'm sure there's not many bears left alive and if they are they've flipped to bulls now.  The Bus is overloaded again with bulls, and a flat tire should happen soon and stop them for a week.

The Non-Farm Payroll report number was 242,000 and the futures spiked higher from it.  I think it's a sell near the open or within the first hour at tops.  While I not expecting some huge move down today I do think we'll start drifting down and continue into next week (with bounces of course), putting in the high today and ending this rally up from the 1800's low.

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