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Reaching the Trickle Point 2/6/24

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.

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

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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

13bhoi

For moron the markets, see:

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