Schizophrenic

On Sunday night, ESU hit 1342 and there was excitement about the big rally coming.  By the time we got to the US open, it was at 1329.  By the futures close at 4:15 ET, it was 1300.  We went from excitement to gloom in less than 24 hours.  That is not common.  Usually it takes a few days to go from excitement to gloom.  This behavior is not sustainable.  This kind of trading signals indecision and usually leads to a trend change.  Since the trend has been down, the probabilities tell me we are going higher in the next few weeks.  I think we make a low this week between 1290 and 1300 and that will drive us to 1360 by July.