The uptrend from yesterday’s low looks solid, with a 5 day cycle projection of 3330-40. But first, trend resistance is suggested at 3316-17, and 3325-30. But even reaching 3340 might not give the bulls a victory in the big picture.
Hourly:
2 hr bars- Looking at the lower indicators, the suggestion here is that this rally will take a day or two to top out.
Finally, the 30 minute bars. 2-3 day cycle projection is 3330. But that cycle isn’t cycling at the moment. We can see shorter and longer. That one is in trending mode. However, there should be a little downdraft to end the cycle later today.
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Catch up with the short term to longer term outlook, and chart picks for playing both sides of the game in my weekly Technical Trader reports. Here’s the latest:
An important low is due right now but bears have a chance to break the market. This report shows you the setup and gives you picks to play both ways. Current long/short swing trade chart picks are up 6.9% (100% cash basis) on average, with an average holding period of 3 weeks. This week I added 3 short and 3 long picks. That leaves the list with 6 shorts and 10 longs.
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