Stocks are holding tightly to Friday’s range near the all time highs. At 6:20 AM in New York, the ES, 24 hour S&P futures were trading near the middle of the tiny trading range of the past 3 trading sessions.
The key levels to watch on the downside are 4880, 4875, and 4869. All 3 would need to break to get anything going on the downside. The number to beat on the upside is 4907. In between, yawn.
Even the hourly oscillators are neutral, but the fact that they haven’t dipped below the zero line, is a mildly bullish tilt. I’m working on the Technical Trader update for this week. The cycle projections say that the breakout will be to the upside. But stock screens don’t support that… yet.
For moron the markets, see:
- The Danger Is that the Rally is Narrowly Based January 29, 2024
- Fed Balance Sheet Right Now Says Bears Should Get Ready to Rumble January 28, 2024
- No Way Gold Has Forceful Breakout – 1/26/24 January 26, 2024
- Swing Trade Screen Picks – Adding Shorts January 25, 2024
- Primary Dealers Are Maxed Out Again January 24, 2024
- Weekly Bank Data and Fed Balance Sheet Say the End is Nigh January 16, 2024
- US Economy Didn’t Crash in December? January 4, 2024
- US Economy Crashed in December – Nope, See Update January 3, 2024
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 2023
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