The ES 24 hour S&P futures have rebounded overnight. The 5 day cycle has turned upward, with a peak due either today or tomorrow. It’s too early for a 5 day cycle projection, but a 2-3 day cycle projection looks like 4760-65. That’s also the conventional measured move implication of a small base breakout.
The rally has already broken through several trend resistance lines on the hourly chart. The next resistance area is 4762-65, corresponding nicely with the price projections. A rollover below that, especially if they can’t get it past 4756, would be bearish.
Uptrend channel support is at 4745 as of 6 AM ET. That rises to 4748 at the NY open, and 4757 at the close. Stock Market Is Having Irving Fisher Moment
Meanwhile 4.10 is a key level on the 10 year Treasury yield. It’s the locus of the 200 day MA and also a chart resistance level. If they get through that, look for 4.28-.30 over the next week. Otherwise, pull back to 3.90-.95 first. Weekly Bank Data and Fed Balance Sheet Say the End is Nigh
For moron the markets, see:
- Gold Hits Melting Point January 18, 2024
- 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
- Stock Market Is Having Irving Fisher Moment January 15, 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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