While the Nasdaq futures broke out to a pattern high yesterday, the ES futures failed in their mission to go along for the ride and confirm the latest version of, "The Running of the Bulls."
Twice over the last two days the target was there for the taking and twice the ES couldn't move higher, despite what the Nasdaq had done. In fact, the ES minis couldn't even overtake the midpoint of a smaller pattern.
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ES Futures (Ancillary Pattern)
Nasdaq Futures
ES Futures (Main Pattern)
Generally, the S&P 500 has taken precedence over the Nasdaq. In this case, however, it would seem the Nasdaq front-ran the bank-laden S&P and left it confused and bedraggled.
Faith in the US banking system is wavering.
Is it any wonder we've opened a new argument about which came first?
