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Diming the Channel 1/32/24

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.

Yesterday, I guessed at a downtrend channel on the ES S&P 500 24 hour fuguetures chart, based on a double secret probation formula that I use from time to time, about which if I told you I would have to shoot you. 😂😂😂

Anyway, it worked, and the market turned on a dime, dzackly where it was spose to.  A triple spport point.

Now the issue is, will it stop at the top of that selfsame channel, which comes in at 4875 at 7 AM NY time, and 4870 as of the opening half hour of regular trading. If it breaks that, then yesterday’s selloff was just the usual false first move following the FOMC 3 ring circus, and off we go to ever higher levels.

On the other hand, if this trendline sticks, bears could be in business. I doubt it, but will let the market tell us. Simple enough. Above 4875 at the open, bulls win. Otherwise, bears have a chance. I won’t say they win. They never win.

For reference, the position of the hourly oscillators looks similar to January 17.  But The Danger Is that the Rally is Narrowly Based.

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For moron the markets, see:

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