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“A” Bottom Is In 5/11/22

This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

A bottom. Not THE bottom.

But how big a bottom? Meh, not that big. If the ES 24 hour S&P futures futures clear 4050, then we’d be looking at 4070 pdq. There are three resistance lines converging around 4070-75, so the odds don’t favor clearing that. But if the do clear it this afternoon, then we’ll see some giddyap.

Conversely, a rollover below 4060 should have them testing the low very quickly, and possibly breaking down. Especially if there’s a weak bounce off the test of the low.

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Also, always remember that the Round Number Magnetron should be a powerful attractor in both directions.

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