Over the past two weeks, each time the stock market takes a step up, each step seems a little shorter. At the same time they’ve been relentless, and each pullback has also been smaller. There’s been very little momentum loss. The market is just trending relentlessly.
As of 7 AM in New York, the ES, 24 hour continuous S&P 500 futures would need to break 4265 for any sign of change in that pattern. The trendline rises to 4275 in the opening hour and around 4285 at the close of regular trading.
Breaking that line is the barest minimum for even a small pullback. A lot of top building would be necessary for a more meaningful reversal.
To understand and profit from the big picture check out the following.
- Swing Trade Screens – Buys Overwhelm Sells, It’s Late But One Sector Looks Ready to RollAugust 15, 2022
- Yikes! August 15, 2022
- Mildly Bullish Outlook for Gold Holds August 13, 2022
- “As Good as It Gets” Was Good While It Lasted August 6, 2022
- Treasury Confirms Supply Tsunami We Expected – Will Obliterate Everything August 3, 2022
- Withholding Tax Collections Solid in July, But Here’s Why the Party is Over August 2, 2022
- The Bond Rally That Fooled The Majority And Didn’t Help Dealers July 27, 2022
- As Good As it Gets, Before the End of Time July 18, 2022
- Are the Fed and Treasury Geniuses, or Just Lucky? Part One July 12, 2022
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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