There has been virtually no movement in US stock futures overnight. The ES, 24 hour S&P futures are virtually unchanged from yesterday’s New York close at 3:30 AM New York time, about 30 minutes into the trading day in Europe. There was no movement whatsoever in Asian Pacific trading.
This leaves the uptrend intact on the hourly charts. The 5 day cycle projection is 4785. 4760 is the spport level to watch in the pre market through the first half hour of NY trading. If the ES stays above that the uptrend will remain intact and the next move should be toward that 5 day cycle projection. If it’s broken, then we might see a bit of downside, but there are multiple spport lines down to 4735 at the close in NY. If any of those hold, the bigger uptrend would still be intact.
The hourly cycle oscillators have ticked to the sell side, so there’s that, but that might just result in a consolidation or slowing in the upward momo.
5:30 AM Et Update
5 day cycle projection has pulled back to 4765. The rally is fini for now but the uptrend isn’t broken yet.
For moron the markets, see:
- Not Even the End of the Beginning December 18, 2023
- Dealers Stay Extended December 16, 2023
- It May Be Gold, But It’s Not a Given December 15, 2023
- Swing Trade Screen Picks – No Gifts for the Holidays December 11, 2023
- Stock Market Dancing on the Ceiling December 10, 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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