Price action was very predictable again today as the selling off the open was held up by an ascending trendline. The Double MA's carried price to new intraday highs. Double Stochastic went extremely positive out to the 6765 Tick Interval, but the Ergodic Oscillator showed bearish divergence, with a lower High, at the High of the day in the S&P 500. A rising wedge formation had been forming and after the HOD a breakdown of the trendline support happened; this brought out fierce selling that took the futures down ten handles. The 110 EMA on the 6765 Tick Interval ultimately held up as support, as price had breached both MA's on every lower tick interval. Woodie's CCI was a great leading indicator as usual. The zero line break on the 6765 Tick Interval brought out the big decline. Prior to that, there was a picture perfect slingshot on that interval--as prices declined the Turbo CCI broke the zero and -100 lines, but the CCI turned back up at zero, which took prices to new highs. Many more patterns were evident on lower intervals.
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