The stock futures markets have taken the weekend at Bernie’s in stride. At 3:20 AM in New York, the ES fucutures were up 14.50, but off their highs by about a dozen points.
The hourly chart has trend channels going every which way, so anything, can happen, or nothing may happen. For now, the hourly indicators, which usually represent a 2-3 day cycle are stariting to edge down. So you could make a case for today being a down day. Initial support areas are around 3348 and 3338.
There’s a 5 day cycle projection of 3307. At the same time, there’s an unmet 2-3 day cycle projection of 3394. So take your pick. Futures now up only 10, testing that first support area.
2 hour bar perspective. Looks a little head and shouldery. But the right shoulder would be higher than the left. It has been decades since I remember seeing a higher right shoulder with a materially bearish outcome.
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Here’s the latest weekend update from my Technical Trader reports.
Mixed cyclicality has led to a rangebound market. There’s no sign that that will change this week. But look out if it does!
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And from Liquidity Trader, where I’ll post another update later this morning.
The outlook for the most of the rest of October is bullish. But it’s not an endless bull any more.
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