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That’s the headline on the Technical Trader chart picks update that I will post shortly. Meanwhile, the hourly chart of the ES 24 hour S&P futures is flirting with breaking spport at 4539. If successful, the bears will have a toe hold for a big move of 10 points or so to the next spport line.
In other words, I’m not too bearish yet. But by the same token, to get anything going on the upside, the bulls must push it through 4560-65, and the firepower doesn’t seem to be there. I wonder why. Smoking too much funny stuff perhaps. 420 Friendly Market
The whole 4540-4600 range is an area of major resistance. The bulls will need to use up another chunk of the $865 billion that’s still left in the Fed slush fund to keep this going. That will be interesting to watch that Strategic Cash Reserve decline. This Chart Tells Us Exactly When the Bull Market Will End
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
- 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
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