The only visible cycle in the hourly chart of the ES, 24 hour S&P futures is on a one day basis. The 3 and 5 day cycles are in trending mode, although a flat down phase would be in order for today. Boring.
4648 is an old spport level. The centerlines of a couple of uptrend channels are at 4642 and 4645 as of 6 AM in New York. They rise at the rate of about 1 point per hour through the day. More significant trend spport sits at 4641, rising to 4643 at the close. Nothing will happen on the downside as long as they stay above that.
Meanwhile trend resistance rises from 4659 at 6 AM to 4667 at the NY close. There’s no indication of acceleration through that line, and cycle time doesn’t support it. The conventional measured move target of the high base breakout is around 4660. But LTFO is they clear that.
I’d expect a boring, rangebound day 4645-4660.
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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