What else is new? The pattern on the hourly chart of the ES, 24 hour S&P futures is bullish again. It’s on its way to test the minor high of 5130. If they consolidate there, as I expect they will, the 5 day cycle projection would work out to around 5155, which would slightly exceed last week’s high.
Meanwhile, any action, whether up or down, within the current range of 5082-5128 won’t mean much until they break it, one way or the other. The current look shows that an upside break is more likely, but if it’s to the downside, then I’d look to retest 5050, by no means a tossup. The Magic of Rising Stock Prices Driving Liquidity, Driving Prices
For moron the markets, see:
- Gold Sets Up for Major Breakout March 6, 2024
- The Magic of Rising Stock Prices Driving Liquidity, Driving Prices March 4, 2024
- How Stocks Can Forestall the Inevitable March 4, 2024
- Tax Collections Took Off in a Stunning Reversal in February March 3, 2024
- Swing Trade Screen Picks – Read My List, No New Shorts March 1, 2024
- We Don’t Need No Stinkin’ Fed – We Make Money from Nothing February 26, 2024
- Gold Holds for Hold February 24, 2024
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
