Menu Close

Rebound Rodman Team USA Stock Market 1/18/24

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 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

131p-a

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

131q10

For moron the markets, see:

If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.

Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RSS
Follow by Email
LinkedIn
Share

Discover more from The Wall Street Examiner

Subscribe now to keep reading and get access to the full archive.

Continue reading