The pattern on the ES hourly chart is as inconclusive as it gets. The pattern is still one of higher lows, but all upside projections have been met in the time frames that concern us here. So we wait for clarification of what might be next. At this point the relevant range is 4739 to 4803. Within that range, it’s all noise all the time. And a breakout doesn’t guarantee an extended run. There are trend resistance lines every few points up to 4818. Above that would clear sailing for a while.
On the downside, there are multiple potential spport lines that could generate bounces. I can’t get excited about it until I see a clear top breakdown with a downside cycle working.
For moron the markets, see:
- Gold Outlook Increasingly Hopeless January 11, 2024
- Swing Trade Screen Picks – Market Lacks Conviction, But 3 New Picks Have Potential January 9, 2024
- Nothing is Broken January 8, 2024
- Critical Pullback for Gold January 4, 2024
- US Economy Didn’t Crash in December? January 4, 2024
- US Economy Crashed in December – Nope, See Update January 3, 2024
- Macro Liquidity – The Party’s Over January 1, 2024
- Dealers Stay Extended December 16, 2023
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 2023
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