The ES 24 hour S&P futures are holding at their uptrend lines here in the wee hours in New York. But the position is tenuous, as momentum has weakened, and prices are right at the trendlines. From 5 AM to the NY open, the key trendline will go from 4740 to 4745. If the ES stays above that, it would be in position to launch through yesterday’s high of 4748 with an initial target of 4760, followed by 4775. The conventional measured move target of yesterday’s high base breakout is 4770.
On the other hand, if the trendliens are broken, there would still be a lot of work to do to create a top and start breaking down. 4700 is the major support level that would need to be taken out to start a downtrend. Not Even the End of the Beginning.
Is this the bottom for the 10 year yield? Dealers Stay Extended
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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