Back on the 15th I posted a GE bracket trade setup based on a tight consolidation pastern.
Here's an update on that narrow channel and rather surprisingly we're still midline in the channel.
(The up/down arrows and bracket values were established on the date of the original post).
On Tuesday morning's opening bar GE actually broke the upper bracket threshold but fell back into the channel within 15 minutes. Since I don't take entry trades for the first 20 minutes of the open I avoided being sucked into an otherwise losing trade. The opening pop was most likely the product of a prop shop opening range bracket order ...one of the most lucrative setups that deep pocket shops use to mint money day in and day out....which is why I avoid buying or selling the open.
I've also attached the current GE Ponzo forecast just to see if it offered some guidance going forward. This Ponzo outlook is one of the wildest divergent scenarios I've run across recently and the longer term bearish downturn (red line) does not appear to be an actionable play at the present time.
Bottom line......GE momentum is still in a wait and see mode and the chart still reflects one of the tightest channels of all the big caps. When it does break it is likely to be impressive.