Fed: The result for emini S&P, Dow and USDX...continued...

USDX: Bounces off LMLP-- You can't ask for more than this from a chart with multiple pitchforks and reaction lines see yesterdays chart and previous

Heres the ES U13

Heres YM U13

Where will we go from here? Well if last nights fundamentals have only caused another drop of 40 or so big basis points from 1646 to 1606 then I am amazed considering the impact of what was said. Technically we have solid support at this level on both YM and ES but a nice contracting pattern is best seen in the 240 min YMU13 chart above with a series of LH's and a series of HL's- but only just. The reaction lines can be supporting price an todays low on both YM and ES. I suspect we go lower but maybe another top first?
Lastly for today. How do you get out of a corner? In other words how do you draw a down sloping PF with a rising trending market? Here's one of the answers. Use a Schiff PF. I find the mod Schiff usually has too sharp an attitiude whereas the Schiff  seems to work better. The reaction lines of both are important and are simply (IMHO) part of the fabric/matrix of price but often worth identifying and watching: Heres daily ESU13 with a Schiff PF off pivots 1,2& 3 in the uptrend. ( note the location of the blue UMLP in both time frames differs)