The ES 24 hour S&P futures projects to a 5 day cycle high of 5185, ideally due this afternoon. But a look at the hourly chart suggests that if they get that far, they’re going much, much higher. The conventional measured move target of yet another high base breakout, this time through 5170, would be 5285.
I don’t think they’d get there today, but what do I know. How Stocks Can Forestall the Inevitable
If by some miracle, they don’t clear 5170, don’t even think about a reversal pattern unless they break down from 5150 for starters. Even a drop to 5130 wouldn’t do major damage. It would just be a pullback before the next rally.
For moron the markets, see:
- Swing Trade Screen Picks – What to Do With Profitable Week Behind March 8, 2024
- 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
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