Yesterday, I speculated that the ES, 24 hour S&P futures might trade in a 5050-80 range. That’s pretty much what has happened in the past 24 hours with the exception of a brief foray a few points above 5080. So far, this looks like a benign consolidation coming to the onset of a 5 day cycle up phase due this morning.
As of 6 AM New York time, the ES is locked in the center of that mild 3 day downtrend. If it stays above 5053 this morning it will be in good shape for an upside breakout from this consolidation. Conversely, if it takes out that low, failed bottoms are the worst. Last ditch spport lines are at 5048 and 5043. If they break, the floodgates could open into a falling knife low as low as 5030 or 5005, late this afternoon.
This could go either way, or no way. In that case, it would race through the auto track toward the Dick Trickle Memorial Point at 5063 at 10 AM Thursday. Charts Say- All Important Monday
For moron the markets, see:
- Charts Say- All Important Monday February 26, 2024
- Gold Holds for Hold February 24, 2024
- Swing Trade Screen Picks – What Happens When Not Holding the Mag Seven February 23, 2024
- Market Sentiment vs. Liquidity Reaches Historical Hysterical February 19, 2024
- This Will Be the Week That Was February 11, 2024
- What’s Up with Down Withholding Tax Collections February 4, 2024
- Primary Dealers Are Maxed Out Again January 24, 2024
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