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The ES, 24 hour S&P futures are perched on the edge of a precipice this morning. Will it jump or soar?
The key, initially, looks like 4860. If they break that this morning, then we’re looking at 4850, where a trendline intersects with the NY open. Then 4843. That would be the baseline of a potential top pattern. Break that, and bears are in business.
On the other hand, if any of these levels holds, the uptrend would remain intact. To keep that going, the ES would need to clear 4880 by mid day. If they do that, then I think we get the obligatory test of the high. Beyond that, we need to look at the longer term projections. It’s 5050 For Sure
For moron the markets, see:
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- Swing Trade Screen Picks – Ready for Blast Off or Dive Dive! January 17, 2024
- Weekly Bank Data and Fed Balance Sheet Say the End is Nigh January 16, 2024
- US Economy Didn’t Crash in December? January 4, 2024
- US Economy Crashed in December – Nope, See Update January 3, 2024
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 2023
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