I don’t know what it is, but it’s not green like always. On the green background it looks brown. Like the color of…
Never mind.
The 5 day cycle projection is 4242. 3-5 day cycle oscillators have turned down from around neutral ground. That usually signals a big move. But here we are at the 5 week trendline on the ES, S&P 500 24 hour fuguetures. This should be sport. If they break it, then the bottom of the downtrend channel in that new color is at 4227 as of 5:30 AM in New York, dropping to around 4215 as of the NY close.
This is the 2 hour bar look for perspective on the importance of this trendline. If they have an hourly close below -4246.8, that would complete a head and shoulders top pattern with a conventional measured move target of around 4175-80.
Zooming in to the hourly, if the pullback holds here, and subsequently breaks the downtrend line at 4275 or so, then they’ll probably make another run at 4320-25 today. Ugh.
To understand and profit from the big picture check out the following.
- Has Rule Number One Been Repealed? August 18, 2022
- Swing Trade Screens – Buys Overwhelm Sells, It’s Late But One Sector Looks Ready to Roll August 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
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