The market pushed ever upward last week making a new ATH at 2657. Then it experienced an interesting “flash crash” event on Friday, apparently on some “fake news”, which saw a 45 point drop in less than 1h. After that, it recovered strongly retracing more than 80% of the drop by the close, which shows that buyers are still willing to buy dips.
No change in the weekly cycles, as the up impulses on both indexes are pushing ever higher.
The daily cycles show nicely Friday’s “oops” moment. On ES the drop brought the index very close to the mcm-MA, which provided support yet again. The decline on Thursday brought us closer to a test of the mcm-MA on ES and a direct test on YM. These held as market quickly recovered.
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