Menu Close

Ask Not for Whom The Bell Tolls 1/24/23

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.

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.

-34xx

For moron the markets, see:

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.