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We had an extraordinary rally last week. While I was “just a bit outside” on the broad market technical outlook, the swing trade stock screens performed well, and I was open minded enough to add 7 longs to the pick list before the market opened last Monday. Swing Trade Screen Picks – Adding Longs They did really well, thank goodness. I had been struggling with recognition for a couple of months. Buy signals had been dominant for weeks, and I had leaned that way but they were too early resulting in weeks of drawdowns. I’m breathing a sigh of relief this week, but I would never declare victory. The market is smarter than me, and I respect that.
The hourly chart of the ES, 24 hour S&P futures is extraordinary. It suggests that unless the market drops back under 4350 this morning, the meltup will continue. It should be at a lower trend angle. The big base breakout measures to 4405. So be prepared for that today. The October high was 4398. That’s important resistance. If they get through that, then the next target would be the big resistance area from 4450 to 4515.
For moron the markets, see:
- Not Just a One Week Wonder November 6, 2023
- Fuggedaboutit! Treasury Supply Ain’t Going Away November 5, 2023
- Which to Believe, the BLS or Actual Tax Collections November 3, 2023
- Gold In the Mix November 1, 2023
- Swing Trade Screen Picks – Adding Longs October 31, 2023
- Here’s Why Macro Liquidity Still Signals Record Danger October 28, 2023
- Dealers Pull In Their Horns October 14, 2023
- The Rhymes of History September 24, 2023
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