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Yes, the ES 24 hour S&P futures have broken out here in the pre market. But the conventional measured move implication is only 4590, because the base is so shallow. That’s also the area of a couple of trend resistance lines in the first couple hours of regular NY trading. Now, if they clear that, then I’d get excited if I was a bull.
Which leads me to wonder what you call someone who is long stocks, but hates it?
Anyway, this thing is due for a 3 and 5 day cycle high this morning, so the odds don’t favor an extension of the breakout. Maybe after consolidating or pulling back over the next day or two. But that’s putting the cow ahead of the horse. 420 Friendly Market Just don’t inhale too deeply.
For moron the markets, see:
- Swing Trade Screen Picks – Read My Lips, No New Longs. But a Couple Shorts November 28, 2023
- 420 Friendly Market November 27, 2023
- Gold Sets Up Potential High Base BreakoutNovember 24, 2023
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 2023
- Gold Sets Up Potential High Base Breakout November 24, 2023
- A Rally Can’t Live on Hope Alone November 20, 2023
- Fuggedaboutit! Treasury Supply Ain’t Going Away November 5, 2023
- Which to Believe, the BLS or Actual Tax Collections November 3, 2023
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