The ES 24 hour S&P fugutures hit 4202 overnight, but that was well shy of a 5 day cycle projection of 4245. Meanwhile, as of 3:45 AM in New York, the futures have fallen back sharply, thanks to European traders, and various and sundry trading algos having second thoughts here this morning.
At the moment, the 2-3 day cycle projection on this pullback is 4105. That also happens to be about where the 1 week uptrend channel lower line happens to be in a few hours. So we’ll watch for the bounce and see how far they can run with it.
Meanwhile, the 10 year yield has come down to a support convergence and popped. This is a critical fulcrum.
For the big picture:
- A Great Week for Swing Trade Screen Picks May 31, 2022
- Shot from Guns, This Market Looks Like Puffed Rice May 30, 2022
- We Hold Our Gold Miners, Add Another May 24, 2022
- Even Steven in This Week’s Swing Trade Screens May 23, 2022
- Stocks Are Ahead of the Curve May 23, 2022
- Dealer Positions Show It’s Not Getting Better and It Should Get Worse May 15, 2022
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