The 5 day cycle up phase started in the pre market on Sunday night. The ES 24 hour S&P futures are approaching the top of that up phase.
Wait, we’re at a low! How can this be a top?
Ask me that question in a couple days when the market is looking back here from lower levels to see it clearly.
3570 is the key. If that breaks, then the down phase will pick up steam. The hourly indicators as of 6:30 AM ET suggest that it may be starting now. If 3570 holds then they can extend the churning for a bit longer.
To get anything at all going on the upside, they’d need to clear 3605.
If they break 3570, the next stop would be 3533, then 3480.
I wouldn’t bet against it happening today.
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