After the First Day of Yellen Testimony, Has Anything Changed for the S&P (ES)?

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The enclosed chart shows all of the action for 2016 so far. Bottom Line: the dominant trend is down, demarcated by the thick Red Line, which cuts across the price axis this afternoon just shy of 1900. The near-term trend is sideways, demarcated by the Shaded Area spanning 1820 to 1920, representing approximately the lower one-third of the Jan- Feb down move. Right now, my work argues that all of the action in the Shaded Area is a bearish digestion period within the dominant downtrend. When the

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