The ES, 24 hour S&P futures has a conventional measured move target of 4120-35 as a result of the breakout from that 8 day base on the hourly chart. Right now they’re in a nominal 5 day cycle down phase. I’ll call it the pause the refreshes. Original, huh?
That 5 day cycle has lately mostly been expressed in a wave that has lasted 4 days, low to low. The next low would ideally be due overnight tonight. That would leave today to be a consolidation day.
What might change this outlook? An hourly close below 4050 for starters. And below 4037 would create a nice little reversal top. Otherwise, nap time! Then up again.
Swing Trade Screen Picks – 3 Buys, No Shorts March 6, 2023
The 10 year yield is headed down again today. That’s thanks largely to another $50 billion T-bill paydown settling on Thursday. But if they can’t manage an hourly bar close below 3.90, then this is just a base for another move higher in yield.
February Withholding Taxes Say – Fade the Jobs Report! March 2, 2023
Meanwhile, gold looked like it had a nice little breakout on the hourly chart, but it could not close the deal. But this could still be a nice big base pattern as long as the pullback holds above 1828.
Gold’s Rebound Is Coming! February 28, 2023
For moron the markets, see:
- Swing Trade Screen Picks – 3 Buys, No Shorts March 6, 2023
- Mixed Bag of Signals Screaming, “Walk This Way” March 5, 2023
- February Withholding Taxes Say – Fade the Jobs Report! March 2, 2023
- Gold’s Rebound Is Coming! February 28, 2023
- Here’s Why There Will Never Be Bull Markets Until This One Thing Happens February 26, 2023
- Gold’s Temperature Reaches Absolute Zero February 22, 2023
- You Can Now Follow the Diabolical Usual Suspects February 16, 2023
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