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No More Red Channels 3/28/24

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.

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.


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