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Shorter Surges, Shorter Pullbacks – 8/16/22

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.

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.

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