A couple of the S&P futures guys in Europe got a little nosebleed as the ES futures approached 4500 overnight. Late yesterday, I observed that megaphones were back in style on the charts, and that 4500 was a given. Earlier I updated the 5 day cycle projection to 4487, and then to 4520 at 12:45 ET. That still looks like the target, despite this little swoon.
I also pointed out that the base breakout had a conventional measured move target of 4600. But not today.
At least, I don’t think today.
And now for your longer term listening and dining pleasure:
Chart Picks – 4 New Picks From Friday’s Swing Trade Screen
Here are the Keys as the Trend is Intact, But on Edge
Despite the Rally, Primary Dealers Are Still At Risk
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