Unidirectional Market 3/4/24

Lee Adler March 4, 2024

The ES, 24 hour S&P futures would need to have an hourly close below 5127 today, and must be below that at the NY close, to have even a prayer of getting anything going on the downside. Barring that, the path of least resistance remains up, up, and away. The latest high base breakout measures to 5170. The current channel upper limit will be at 5167 at the NY close. Will it get there? I don’t see why not.

And my god, Federal tax collections went through the roof in February. Is it because of retirees cashing out of IRAs and 401k’s? Whatever the reason, it’s bullish. Tax Collections Took Off in a Stunning Reversal in February

Meanwhile, we’re due for a 3 and 5 day cycle down phase through today and then through Wednesday. The trend argues for that to be no worse than a consolidation. As for the longer term, I’m working on a Technical Trader update now that will be posted before NY opens. Meanwhile, have a look at this report for swing trade chart ideas. Swing Trade Screen Picks – Read My List, No New Shorts.

For moron the markets, see:

Tax Collections Took Off in a Stunning Reversal in FebruaryMarch 3, 2024
Swing Trade Screen Picks – Read My List, No New ShortsMarch 1, 2024
We Don’t Need No Stinkin’ Fed – We Make Money from Nothing
Charts Say- All Important Monday February 26, 2024
Gold Holds for Hold February 24, 2024

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