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The 5 day cycle seems to be in trending mode with a now dated projection of around 4410. The latest 2-3 day cycle projection points to 4400.
Resistance, in the form of the July 14 intraday high on the ES fucutures is indicated at 4384. They’re readying an attack on that now. If cleared, 4400 should be done with ease, although there may be resistance around 4386-88. Once they clear that, this pig could really blast off.
In the unlikely event of a pullback, har-de-har-har, multiple trendlines suggest spport around 4368-70. If that were tested and held, it too would probably be a base for a launch into space where no man has tread before.
Note especially, the formation of a massive reverse head and shoulders pattern with a neckline at 4388. A breakout would have a conventional measured move target of around 4550. I’ll grant that we probably would not get there today. But I wouldn’t rule out Saturday.
Meanwhile, as for the longer term stock market technical outlook – Here’s What Friday’s Selloff Means for Our Future
I’ll post the weekly update this weekend for Liquidity Trader subscribers. Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days!
If you missed my interview with Lindsay Williams yesterday, about why bond yields are falling while inflation is rising, here it is again.
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