We’re about to find out as the ES, 24 hour S&P futures come off what should be a 5 day cycle low and reach the first area of trend resistance. That’s as of 8:15 AM in New York, with resistance indicated around 4345 to 4355 coming into the New York open.
A 2-3 day cycle projection of 4365 suggests that they’ll get into the clear to extend the rally.
If they roll over here instead, we could see an epic failure. Or not. Spport is indicated around 4330-35. If that breaks, it would portend a test of the low around 4312. No big deal. But if that were to break this afternoon, then it would be a big deal.
For moron the markets, see:
- When the Market Is Ready, an Event Will Appear October 16, 2023
- Cycles Still Lean One Way, Not t’Other October 15, 2023
- Dealers Pull In Their Horns October 14, 2023
- Veal Market – Baby Calves Get Slaughtered October 9, 2023
- Gold Breaks Down, With Long Term Implications October 5, 2023
- Tepid Tax Collections Mean It’s the Supply October 4, 2023
- The Rhymes of History September 24, 2023
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