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The market is triangulating. As of 7:30 AM ET, the ES 24 hour S&P futures are riding the lower line of the pattern at 4936, inching toward an apex of 4940 as of the NY close. The closer it gets to that point without breaking one way or the other, the less likely it becomes that anything will happen.
Boring.
But a break in the pre market could still generate some power, either way. We’ll just have to wait and see. I don’t see any tells here. Hourly cycle indicators aren’t any help here. They’re meandering near dead neutral. A 2-3 day cycle projection of 4915 was almost reached in yesterday’s little selloff. So that’s a non issue as well.
Looks like a good day for a long nap. Is This the End, or Only the Beginning
This looks interesting though. Assuming they clear 4.20 today, the breakout would have a conventional measured move target of 4.60. And I think that would just be for starters. What’s Up with Down Withholding Tax Collections
For moron the markets, see:
- Is This the End, or Only the Beginning February 5, 2024
- What’s Up with Down Withholding Tax Collections February 4, 2024
- In the Goldrums February 2, 2024
- Swing Trade Screen Picks – Clearing Out the Shorts January 30, 2024
- Fed Balance Sheet Right Now Says Bears Should Get Ready to Rumble January 28, 2024
- Primary Dealers Are Maxed Out Again January 24, 2024
- US Economy Crashed in December – Nope, See Update January 3, 2024
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