Today is Ballerina Day, so to all you Ballerinas, have a wonderful day!
At the close yesterday I revised the 5 day cycle projection on the ES, S&P fugutures lower to 4570. Earlier in the day I had it at 4610. That was then. This is now. We’re looking at a newly revised projection of 4650.
Gag me.
We have two measured move targets from the base breakout of the past few days. The first is 4620 and the second is 4720. Have fun with those, boyz!
The ES is currently crawling along an hourly trendline. Here at 7:30 AM ET, they need to break 4565 to signal even a pullback.
If they stay above that, the meltup continues and could even accelerate toward the 5 day cycle projection of 4650. First they would have to clear massive resistance at 4600-4610. If they do that, that will trigger another firestorm of explosive short covering.
Meanwhile, the big picture:
Stampede of Short Chickens Has Bulls Sniffing Something
Now We Reap the Whirlwind of the Fed’s Malfeasance
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
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