The ES S&P 500 fugutures made a new low yesterday, but it was not confirmed by lower lows in hourly oscillators. Now, here we are, off to the races again, overnight and in the pre market his morning. The 5 day cycle projection is 4675-80.
At this point. It could change.
To get there, the market would need to clear multiple resistance lines. The first, and most important of those, is the old Maginot line at 4635. If it clears that, there are more lines every 5-15 points or so, up to the level of the projection.
The positive divergence in the hourly oscillators was not impressive. I don’t think that this has the juice to get the S&P to that projection. If it rolls over below 4655, the widest downtrend channel would still be in farce.
More later! Meanwhile, the big picture.
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