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Living on the Edge- 1/25/24

This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

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

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For moron the markets, see:

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