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What’s This? A Downtrend Channel 3/15/24

This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. 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.

That’s right spport fans. There’s a downtrend channel on the hourly chart of the ES, 24 hour S&P futures. But catch it while you can. The top of the channel will be at 5162 as of the 9 AM tick in New Yak. That descends to 5155 at 4 PM when the boyz will go home for the weak end.

Even if they break that line, it may not get far. There’s uptrend resistance running from 5165 to 5168 today. Only if they clear that, will it be off to the races again. A mud fight seems more likely.

OTOH, the 4 day iteration of the 5 day cycle seems to be back, and the 5 day cycle hourly oscillators have edged to buy signals.

Advantage bools.

Unless they take out 5145. Then I think we see 5123 again.

Chow for now. It’s past lunch time here.  Market Flies Blind in Thin Air

13-rs0

For moron the markets, see:

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