It feels like this rally will never end. It’s not moving much, but the direction is still up. And yesterday the ES 24 hour S&P futures hourly chart broke free of a major resistance level, which means that it is now spport. And there’s not much overhead to stop the move, outside of 4637, and old resistance level from 2022. If that’s cleared, the next objective would be the measured move target of the high base breakout, which is around 4645. That’s also the 5 day cycle projection.
4 hour bars give some perspective. There’s a multi trend convergence at 4635 today. These often mark pivots, but if they get through this, there’s running room for more. The market doesn’t look extended yet on this basis.
But on a one hour basis, it looks different. Stock Market Dancing on the Ceiling
For moron the markets, see:
- Swing Trade Screen Picks – No Gifts for the Holidays December 11, 2023
- Stock Market Dancing on the Ceiling December 10, 2023
- Gold Got There Fast But Race is Over December 6, 2023
- Tax Revenues and Liquidity are Crashing December 4, 2023
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 2023
- A Rally Can’t Live on Hope Alone November 20, 2023
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