The Last Laugh

Yesterday was a bad day from a technical sense, so it's not surprising to see the futures down. By closing below 1687.18, it was a failed breakout, otherwise known as Turtle Soup by some traders. Soup or not, I didn't realize it until after the close. So haha to me.

Perhaps I didn't realize it because the real number for me (changed mid-day yesterday) was 1671.84. Until that breaks, I still see the potential for a higher high. The reason why I changed the number is because of the gap just below the previous number (which was 1678.12). This gap is at 1676.26, and I didn't want to split hairs.

There may be another way to label the wave structure that allows for a dip below 1671.84 and still make a new high, but for me, I don't see it clearly enough, and so this is the point at which I would reassess. Again, the market can do anything it wants, and many times it's only in hindsight that it makes sense. Sometimes the best course is to know when the odds say to hold 'em and when to fold 'em.

Elsewhere, I notice that the Facebook just surpassed 33.45 in the pre-market after better-than-expected earnings last night (currently trading above 34). In that this was a big level that I've been watching since 2012, it might be fun to revisit Reminiscences On Manipulation, where a little fun was had speculating what could occur if 33.45 was ever exceeded.

Until 1671.84 breaks, the Street may have the last laugh in more ways than one.