Menu Close

That’s a Helluva Top- 11/17/22

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.

The pattern on the hourly chart of the ES, 24 hour S&P futures, speaks for itself.

tvc_622168a3fa159ae2b127127d8a1efb7b.png

To translate, it’s a top, and it has broken down.

But there are a couple of problems from the bearish perspective. First, the 5 day cycle projection is only 3915-30, and they already reached the top of that range. Second, there are multiple sport levels and trendlines in the 3910-3920 area. If they hold, this decline would be but a false start.

tvc_622168a3fa159ae2b127127d8a1efb7b.png

In addition, the hourly oscillators are barely in negative territory, and a 5 day cycle low is due right now. An upturn from these levels could catch fire.

Here’s a longer term perspective using 5 hour bars. Note that the original base breakout at 3800 has a conventional measured move target of 4100.  You can see how formidable and important the 3910-3930 sport area is.  If this holds, I’d be inclined to want to be more long than short in my trading port.

tvc_66ec8a2eb7f075a10089ef898e61d503.png

In my private daily swing trade trading screens that I use for setting up my own trades, the screens from yesterday’s closing prices spit out 28 final sells, and 10 final buys. I do a weekly posting every Monday morning for Technical Trader subscribers.

Click the links below for moron the markets.

If you’re serious about the underlying forces of supply and demand that drive the markets, join me!

If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.

Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.

This site uses Akismet to reduce spam. Learn how your comment data is processed.