Lower High – 7/25/23

Lee Adler July 25, 2023

We merely need an hourly close below 4550 to create a lower high on the chart of the ES 24 S&P hour futures. On the other hand, a move above 4565 would have a conventional measured move implication of 4595.

Sigh.

Right now, we appear to be in a 3 day cycle down phase that’s going flat instead of down. The 5 day cycle high is due tomorrow. Hourly oscillators are muddling around in positive territory. They could roll over, but they haven’t yet. So I give the benefit of the doubt to 4595 unless they take out 4550 this morning.

Market Looks Poised

For moron the markets, see:

Market Looks Poised July 24, 2023
Correlations Don’t Matter Until They Do, Like Now July 23, 2023
Swing Picks Following Gold’s Yellow Brick Road July 18, 2023
Finally, A Few ShortsJuly 17, 2023
Young Bull Growing Stronger July 17, 2023
We’re Not There Yet July 16, 2023
Stocks Are Scraping the Ceiling July 9, 2023
Withholding Tax Rebound Sets Up a Bearish Fed Catch 22 July 6, 2023
Golden 13 Week Cycle Turn and Other Hopeful Signs 7/5/23 July 5, 2023
It’s Not Your Daddy’s Liquidity Anymore July 5, 2023
We Now Know What is Driving the Rally June 20, 2023
The Fed’s Slush Fund is Working June 16, 2023

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