The ES 24 hour S&P futures broke out at 3 AM ET, making a new rally high and implying even higher levels to come. Much higher. Nothing is Broken
But we concern ourselves only with the mundane day to day here with particular focus on the ES hourly chart. It suggests that the next target this morning is around 4807 where there’s a convergence of resistance lines. The 5 day cycle is in trending mode, so no projection on that. There’s a 2-3 day cycle projection of 4800-4810 that suggests that the rally will stop there today. A 1 day cycle projection points to only 4800-02.
But if this breakout sticks it will have completed an imposing reverse head and shoulders bottom pattern with a conventional measured move implication of 4925.
On the other hand, if the ES is below 4790 at the New York close, then bears have a shot.
Ooops, well whatever the news was at 8:30 AM ET, I guess that ended that dalliance.
This is the 10 year Treasury yield hourly. But wait, there’s more!
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