That’s the way it looks on the hourly chart of the ES, 24 hour S&P futures, at 5:20 AM ET. The key number is 4483. If cleared by an hourly close, the downtrend would be broken. Yes, in an hour or two, it might not stay broken, especially given recent history. But you gotta start somewhar.
If such a breakout were to occur, the conventional measured move target would be around 4510. And that would be another base breakout with a target of 4565.
One step at a time. First they gotta break out.
If they don’t break out, but roll over instead, then there’s initial vulnerability to around 4465. A weak bounce could then lead to a breakdown. But until something happens, nothing has happened yet, and nothing will happen.
For this inside information, you pay the big bucks. 😂 Market Needs a Pop Now
Meanwhile, if they don’t get the 10 Year Treasury yield under 4.22, look for it to go much higher. Here’s Why This Stuck Market Is Not Surprising
For moron the markets, see:
- Gold Teeters Toward Disaster September 13, 2023
- Here’s Why This Stuck Market Is Not Surprising September 13, 2023
- Reset Week Leaves List Uncomfortable September 11, 2023
- Market Needs a Pop Now September 11, 2023
- Beware! Jobs Really Much Weaker Than They Say September 4, 2023
- Here’s Why This Is a No Clickbait Market for Primary Dealers August 24, 2023
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