Well, now would be one example. We see it on the 2 hour bar chart of the ES, 24 hour continuous S&P futures. They are trading at the top of multiple channels and resistance lines in the 4210-20 area.
That’s not to say that they won’t break out. Maybe, maybe not. Zooming into the hourly chart the 5 day cycle projection only points to 4230, and that was essentially tagged earlier this morning. The 2-3 day cycle projection also points to 4230.
Meanwhile, hourly cycle oscillators and momentum are still bullish, but just barely. A couple of down bars on the hourly would roll them over and allow for the possibility of top formation. Notice I said “possibility.” Building a top would probably take a couple of days. The first step would be to drop below 4210 by noon or 4125 by the close. Until that happens benefit of the doubt goes to the uptrend.
Meanwhile, yesterday’s BLS announcement of the End of Inflation didn’t trigger much of a reaction in the bond market.
To understand and profit from the big picture check out the following.
- Swing Trade Screens – One Bad Trade Hurt But the Rest Bailed Us Out for a Win August 8, 2022
- Fasten Your Seatbelts – Updated Cycle Projections Are Shocking August 8, 2022
- “As Good as It Gets” Was Good While It Lasted August 6, 2022
- Upon Further Review Gold Bottom Call Stands August 5, 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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