I remember seeing the very talented satirist Tom Lehrer on his last world tour in the 1980s, the “Poisoning Pigeons In The Park” tour. Today’s title is a small homage to one of my favorites in his repertoire, as well as a note that as and when equities are ready for the next leg down, all the main equity indices, and very possibly oil, are likely to participate. If you’d like to see the title song for this post, you can see that here.
When will that be? As soon as we see a break and conversion of the ES weekly pivot at 2703/4. I’m leaning towards to seeing a retest of Friday’s high before we see that happen. Intraday Video from theartofchart.net – Update on ES, NQ, and TF:
All three of SPX, NDX, and RUT are showing remarkably similar pattern structures from the low and all three have broken down from the rising wedges that I was looking at on Friday. These should all now be in the topping process before the next leg down. SPX 60min chart:
Tomorrow is a cycle trend day so if a high retest can be managed today, then we may see the decline start today. In the meantime, I’m wondering about possible bullish triangles forming here on equity indices, and possibly CL.