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Target Missed, But Big Fat Base Still Intact 5/5/22

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.

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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