ES Upchannel Holding On For Now... On Consistently Low Volume

Tyler Durden's picture

With everyone now agreeing fundamentals are completely irrelevant, the only things that could possibly matter are charts. And in this particular case, the key one on an ultrashort term momentum-driven basis likely is the ES upchannel as seen on the chart attached. Every time the support barrier is approached, a few hundred blocks appear our of the woodwork to preserve the self-fulfilling fantasy. Yet, it is getting increasingly more difficult to validate the phantom buying. Keep an eye out on this channel in the next few hours/days.