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Stock Market on Fire 7/29/22

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.

Stocks are on a roll. The 5 day cycle projection on the ES, S&P 500 24 hour futures has risen to 4115. This morning’s high of 4108 is close enough for government work, especially in view of the fact that the conventional measured move target of the base breakout was 4100. The breakout from the higher base this week only pointed to 4085. So the bear killers’ work is done here. The shorts have been squeezed to a pulp.

If they do manage to pop this boil at 4109, then multiple resistance trendlines at 4120-25 should be the endpoint.

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I suspect that will now leave a vacuum of demand, as bulls alone will lack the firepower to keep this going without the shorts. I cover the reasons for that here.  Look, it’s not bedtime reading. Unless you like having nightmares.

To understand and profit from the big picture check out the following.

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