A long night awaits for the bears.
Depending on the type of chart and time frame, on some, the downtrend from the early January 2022 high is broken. On the hourly chart of the ES, 24 hour S&P fucutures, they broke it during the day yesterday but then pulled back below. With the 5 day cycle now on the sell side, we may have to wait a day or three until the confirmation of a breakout. For today, they would need to end the day above 4023.
On the other hand, for bears to have any shot at all, they would need to end the day below 4000. In the premarket, dropping under 4008 would be a start. If they don’t do that, fuggeddaboudit.
For moron the markets, see:
- Swing Trade Screen Picks – Energetic Buys and ShortsJanuary 23, 2023
- Nothing is BrokenJanuary 23, 2023
- Gold Going Higher January 18, 2023
- Swing Trade Screen Picks – Whoa! Just Wait Till Next Week! January 17, 2023
- Long Live the Bear. The Bear is Dead January 17, 2023
- A Funny Thing Happened on the Way to the Debt Ceiling January 16, 2023
- Withholding Taxes Are Soaring January 6, 2023
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