We will test that maxim in the 7-8 AM hour in New York as the ES 24 hour S&P futures run into a trend resistance convergence at 5233. If they clear that little obstacle, there will be immediate running room to 5250.
If they don’t clear it, they won’t have far to go to hit the first spport level, which is around 5218-20. If they break that, then they should pull it back to test yesterday’s low around 5205.
So once again, it doesn’t look like a very exciting day again. Only if the market breaks out of that range is a real move likely. The 5 day cycle up phase hasn’t gotten off the ground and a high is due in that cycle today or tomorrow. Mid day Thursday to Friday’s close and perhaps Monday present a better chance of a breakdown from this range. That assumes no upside breakout today. The End Is Not Nigh
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
- Swing Trade Screen Picks – Adding Stops to Take Profits March 17, 2024
- A Top is In, But Which One Is It March 17, 2024
- Gold Due for Pause that Refreshes March 15, 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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