click chart to enlarge
click chart to enlarge
Yesterdays update, Watch Rates, said to look for a reversal in interest rates as the sign of a stock market bottom. Rate markets across the board reversed dramatically. The chart below shows the eurodollar futures which managed to form a bearish range-bust reversal on the weekly chart – and it’s only Tuesday!
click chart to enlarge
The 135 minute eMini chart shows the tick cycle-trap divergence confirmed on today’s last bar. I’m skeptical as to how much actual upside can be acheived in this financial climate here. But it’s safe to say a bottom of at least a short duration has been reached. Perhaps some type of sideways bear flag will form in the 1180-1240 range as stocks work off their indigestion from the turmoil of recent weeks.
click chart to enlarge
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