Menu Close

Watch Out for the Elephant Dung 1/30/24

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.

A two day circus is in town. It’s the FOMCircus featuring ringmaster Lord Jaysus Powell, and his Clown Posse.

The stock market celebrated its arrival yesterday. Anything that happens in the market between now and tomorrow’s dog and pony show is just for show. The real action comes Thursday. Meanwhile, be careful where you step.

That said we have both a 5 day cycle projection and conventional measured move target of 4940 on the hourly chart of the ES, 24 hour S&P futures. No doubt when the circus opens tomorrow, the market will zoom to 5000 for show. But what happens after that will be interesting.  The Danger Is that the Rally is Narrowly Based

137eh2

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