The hourly chart of the ES, 24 hour S&P futures looks like Galloping Gertie. The direction of the next move should be signaled by whether it clears 4500 or not. If it does it would be well positioned for a move to 4525. That would break the downtrend and have a conventional measured move implication of 4565, which in turn would imply even higher prices.
On the other hand, if it rolls over here, they go down to test the low of 4561. If that breaks, could waterfall.
Meanwhile, we watch the paint dry. Under the Big Top
Today, I’m on a train from Strasbourg, France to Bonn, Germany. Strasbourg is another absolutely breathtaking old city. Loved it. Very crowded!
For moron the markets, see:
- Gold Sets Up August 8, 2023
- All We Need is a Few Good Shorts August 7, 2023
- Under the Big Top August 7, 2023
- More Supply is Just a Lie But Withholding Weakens August 4, 2023
- Let the Scary Pictures On Primary Dealer Financing Do the Talking July 31, 2023
- Correlations Don’t Matter Until They Do, Like Now July 23, 2023
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