Update of levels posted on Feb 9th in Be fearful when others are greedy.
The hollow candles on the Euro act as both snakes and ladders (or chutes and ladders, ancient children’s board game from india where you roll dice and try to move bottom to top. Landing on a ladder is good and a snake is bad, I find the analogy helpful).
HVN’s for support and resistance.
Current 13180 – Dec/Jan range
Euro monthly Range is 490 over 6 months and 530 over 3 months. In Feb so far it has done 550.
ES – observations from this week:
ES finally retested 1497.5 area – Thursday had higher volume and shorts are trapped between value areas 1499/1504 .
I remember previous comments:
“My observation is that value appears to be shifting in short term from 1495 to 1505”.
“I am concerned that the profile is thin under 1495 to 1472 and even 1462”.
I will look for what happens at 1510/13 (50 back and developing value line).
I am also going to see if 1497.5 gets retested.
Buyers made a stick save yesterday.
The phrase is borrowed from the sport of ice hockey, but now applies in many contexts.
In hockey, a crude but effective save where the puck is diverted not with the end of the curved stick but with the handle. The player simply falls on the ice or bats at the puck with the stick. No points for style, and often fails, but a save is a save.
In other contexts, whenever a “player” manages to pull out a situational “save” at the last instant via reckless, feckless or random methods. As in financial markets, when institutions manage to move the market up in the last minutes of trading thus ensuring an “up” day, even though a “down” day was in the making.