We can finally say, at 5:15 AM New York time, that the endless uptrend channel on the ES, 24 hour S&P fuguetures, that lasted a whole 2 1/2 days, has been pierced. This follows 5 touches or near touches of the channel’s bottom trendline, not including the starting point.
It also appears that the idealized 5 day cycle is topping out on schedule. Hourly oscillators have edged over the top and begun to roll over. However, there’s more work to be done to finish the job. That includes an hourly close below 3870, and being below that level when New York opens for regular trading.
By the same toke in, if the ES holds above 3880 for the next couple of hours and is above 3890 in the first hour in NY, then this channel break will have been just another tease. The uptrend would remain intact until that lower line is broken conclusively.
There’s still a 5 day cycle projection of 3910 that bears need to worry about. Thing is, if it gets that far, then we’d have an even more impressive base breakout that would have a conventional measured move target of 3995. That’s right 3995. Get yours today, before prices go up!
OK, just kidding. Trade the charts, whatever the hell that means. In any case, may the farce be with you.
For moron the markets, see:
- The Trend Was the Bears’ Friend December 19, 2022
- Swing Trade Screen Picks – Short Stops Killed but Many More Added December 19, 2022
- May Gold Be Merciful Unto Us, Amen December 19, 2022
- Fed Steadfast But Treasury Throws a Bullish Curve December 14, 2022
- Federal Tax Revenues Are Slowing December 6, 2022
- Fed Policy Will Stay Bearish Until It’s Too Late November 20, 2022
- The Repeal of Rule Number One, Don’t Fight the Fed November 14, 2022
- Bond Market Rally is Technically Valid but Belies the Facts November 12, 2022
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