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That’s a Helluva Bottom 3/7/23

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.

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.

-gx1q

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.

-gx2k

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.

-gx8x

Gold’s Rebound Is Coming! February 28, 2023

 

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