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5 Day Cycle Up Phase, Day 2 3/26/24

This is a syndicated repost published with the permission of Stool Pigeons Wire at 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.

We are in the second day of a 5 day cycle up phase in the US stock market. There’s no sign yet of an explosive move.

The ES 24 hour S&P futures turned upward off yesterday’s early low and late test of the low. The next high is ideally due Friday, but a 4 day version has been common, so we should be on the lookout for it either Thursday or Friday. It’s too soon for a 5 day cycle projection. So far, the 2-3 day cycle projection is only 5245-50. A tiny reversal pattern carries a conventional measured move target of 5245 also.

Uptrend resistance runs from 5242 in the 9 AM hour in NY to 5247 at the close. There’s a long term uptrend resistance line indicated around 5250 at the close. If that’s cleared, then a move to test the high around 5260 is likely. If they get through that, this thing could really start rolling to the upside with lots of open space and little in the way of trend resistance above that.

Meanwhile, initial trend spport lines run from 5230 to 5235 today, with a second line of defense from 5220 to 5225.  Don’t Stop Never Disbelieving


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