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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
For moron the markets, see:
- Don’t Stop Never Disbelieving March 24, 2024
- Swing Trade Screen Picks – Stocks Barnburner Set for Conflagration March 23, 2024
- Gold Enters Hibernation Season March 22, 2024
- Primary Dealers Raise Red Flag March 20, 2024
- Swing Trade Screen Picks – Adding Stops to Take Profits March 17, 2024
- A Top is In, But Which One Is It March 17, 2024
- Gold Due for Pause that Refreshes March 15, 2024
- Markets Create Money, Money Talks, Markets Listen Etc. March 12, 2024
- The Magic of Rising Stock Prices Driving Liquidity, Driving Prices March 4, 2024
- Tax Collections Took Off in a Stunning Reversal in February March 3, 2024
- We Don’t Need No Stinkin’ Fed – We Make Money from Nothing February 26, 2024
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