Is it a breakout or a blowoff top? The 5 day cycle projection is 3435. Hey, they can count.
Update 6 AM ET:
It’s 6 AM in NY and early rising traders are getting to their screens and seeing this. The hourly indicators say that they’ll be sellers. My guess is that they’ll pull it back to 3410 or even 3395 or so by the time NY opens.
Update 7 AM ET:
And they’re on the buy side, aiming for resistance at 3425, or even that 5 day cycle projection.
My version of MACD is at a level that typically leads to a pullback while True Strength Indicator has broken out.
Correction. 3435 is the 2-3 day cycle projection. The 5 day is 3450.
S&P should be at 5000 by Wednesday. Dow will be 50,000. TSLA will be a million dollars a share.
The market value of AAPL will be infinity.
You can follow more of my intraday snark at the Stool Pigeons Wire.
Meanwhile, get cycle projections from 2 weeks to 2 years, along with key support and resistance trends and levels, and long and short stock trading ideas at Lee Adler’s Technical Trader. Here’s the latest report.
A short term top and minor correction are due but intermediate cycles still point higher. We have more stockchart picks to take advantage either way.
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