There are no more operative red channels on the hourly chart of the ES 24 hour S&P futures. That means the only thing to stop a rally will be uptrending resistance or loss of demand momentum. A 5 day cycle projection suggests that that’s likely around 5265, but the conventional measured move target of the reverse head and shoulders breakout looks higher. Depending on how its drawn, it could be 5270-5285.
A 5 day cycle high is ideally due this morning, so after the expected rally, a couple of weaker days would be in order. Spport levels that would need to be broken to get anything going on the downside would be 5238 and 5224 for starters.
If they clear last week’s high of 5260, then we’ll be looking at 5300 PDQ.
For moron the markets, see:
- The End Is Not Nigh March 26, 2024
- 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
- 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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