Yesterday’s spike high at 3 PM on the ES S&P 24 hour futures hourly chart exceeded the last short cycle high by 1 cent. That’s right. .01. That’s how traders signal each other that this is not the end. It’s not the beginning of the end, but it is the end of the beginning.
Now this morning we have a domed house pattern, with the futures pulling back to a support band here at 7 AM New York Time. I think that an hourly close below 4239 in the next hour or later would signal that we should call Roy Orbison.
That said, we’ll probably see one more bounce off the 3 day trend channel. It’s now approaching 4230 over the next couple of hours. If that’s weak, kiss it goodbye. If it holds, look for it to mush around between here and 4300 for a day or two.
There’s no conviction either way here in the very short run. I certainly don’t have any either. Longer term, we all know where this is going.
And for the big picture:
- Swing Trade Chart Pick Screens Flip Flop April 25, 2022
- Ugly Whipsaw Revives Crash Potential in Stocks April 25, 2022
- Gold Looks Sick April 26, 2022
- Tons of Cash, Not In Use, Signals this Huge Change in the Market April 23, 2022
- Primary Dealers Still Long and Wrong, But A Gift Rally Looms! April 11, 2022
- Why March Withholding Taxes Showing Red Hot Economy Is Bearish April 3, 2022
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