With today's consolidation, here is where we stand: very close to a big 'ole cliff. The 800 level has held again, and we were able to close above a key level (ES 819) as shown on the above chart. Notice how this level has been tested consistently the last several days. Well, today we closed on the right side of this level if we're going to start rallying. It is VERY important that we stay above this level. In fact, if we were to lose today's lows, then we may end up dropping off the cliff.
This next chart is a 30 min chart and it shows a potential head & shoulders pattern. If this is the case, then we should see some significant lift in the markets over the next few days.
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