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We have a rebound. We know where the low is. By connecting lows and drawing a parallel line, we see a channel. So I named it. The Houston We Have a Problem Ship Channel. Our stock market space capsule was out there on its way to the moon, when it encountered yesterday’s little problem. The question now is, will the market space capsule be coming back to Earth. If so, when and how.
Here we focus on the day to day, hour to hour, minute to minute, from my De Luxe Apartment in the Sky, overlooking Warsaw. I’m an alien. I’m a legal alien. I’m a Jewishman in Warsaw, Whoa oh! 😄
As of this writing at 3:45 AM New York time, the ES S&P futures are ripping their way toward the top of that new channel. First resistance is around 4403. Then we hit the top of the channel at 4418 around 4-5 AM. THere are multiple resistance lines above that from 4423 to 4430. Reaching that area, will be the true test of whether yesterday was the only selling climax we need in this decline. Or perhaps, if there will be more to come.
Zooming in to the 30 minute bars I can derive a 2-3 day cycle projection of anywhere from 4415 to 4440 or fight.
More later. We now return you to our regularly scheduled programming.
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
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Meanwhile, for your longer term infotainment and edification: