This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.
The rally stalled last week. Not coincidentally, it did so when it hit an area of major resistance from a previous top. I have shown that area with a blue box on the hourly chart of the ES, 24 hour S&P futures.
2-3 and 5 day cycle lows are due as I write here in the pre market. It appears to be forming on the chart at the trendline from the October 27 low which you can see on the two hour bar perspective.
This should be good enough to mount an attack on the top of the resistance area around 4596. As for getting through that, we’ll just have to wait and see. Lots of clearance if they do.
Here’s the usual hourly look.
For moron the markets, see:
- 420 Friendly Market November 27, 2023
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 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
- Swing Trade Screen Picks – Holding Those Longs November 20, 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
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
