The hourly ES S&P500 24 hour futures chart failed to hit the 5 day cycle projection of 4325 late yesterday. It also failed to break through the top of what would be an impressive base for a move higher. That level is 4310. The pullback since the high of 4305 has been minimal however. A breakout is still within striking distance and becomes more and more likely the longer the market hangs around above 4250.
That’s the number the bears need to retake to have a shot at regaining control of the narrative in the short run. The rationale for the rally is bogus, but it won’t matter if they get past 4310. That would have a measured move target of 4550 over the next couple of days
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