Over the course of the past week, the /ES has wiggled and wobbled without any clear direction, sometimes violently ripping up or down with little apparent cause. Simply stated, it’s a mess, at least on a minute bar basis. 
Yet if we look at a daily bar, particularly in candlestick mode, something very important jumps out at me: the market had a clean and powerful triangle pattern which the bulls succeeded in escaping, and which typically should lead to a continuation of the upward movement, particularly after such a long time.This time, however, it hesitated for a few days and then slipped right back beneath the breakout level. For both yesterday and today, we have been cleanly trading below this important S/R (support & resistance horizontal), affirming its value as a price barrier. 
I have long believed that a pattern failure is more instructive than a pattern success, since everything that “should” happen fails to do so. What we have above was a perfect opportunity for the bulls to power the market higher, and they dropped the ball.I suspect that when the jobs report comes out Friday morning, we might get an affirmation of this subtle signal’s importance.More By This Author:That Tesla TrendlineRetail FailDealer No Deal
