The 5 day cycle projection on the ES, S&P futures rose to 4385-4405 due to yesterday’s rally. To get there they would need to clear resistance at the trendline from the January peak. That’s at 4375 as of 5-6 AM in New York. Here’s the 5 hr bars look.
On the hourly bars, we have what looks like something that could be a top, but it depends on the trendline now at 4239 during the 5-6 AM hour. That needs to be broken hard. Otherwise, the meltup trend remains in force. If they clear the big red line at 4375, the target is likely to be 4480.
So in the next hour or two, we’re either going to get an outright sell signal on the 5 day cycle, or a reaffirmation of the meltup.
Stay tuned to this station for late breaking news.
For the big picture.
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