The market has developed a penchant for air pockets within this recent trading range. They’ve been in both directions. One of these days an air pocket will open up outside the range, and there was be no coming back from it. But which way. That’s the question.
Is today the day? Not likely. We’re due for a 5 day cycle low, and the 5 day cycle projection of 5230 has been reached. However, not like doesn’t mean impossible. Crashes happen when bottom setups fail.
Looking at the 2 hour bars of the ES 24 hour futures for today, there are numerous possibilities evident. One is that the low might be tested here at the NY open, hold and reverse into a rocket launch. Another is a break of the lows. But then what? 7 points? 20 points? 30 points? That last support around 5195 is the biggie.
The tape must be watched today. If you are short, only fire when you see the whites of their eyes. Swing Trade Screen Picks – Well Hedged List Gives Steady Performance in the Wild Market
Update 8:35 AM ET:
There you go. Rocket engines fired at the double bottom. Chef Says Choose One from Column A Or One from Column BApril 8, 2024
For moron the markets, see:
- Back to the Gold Old Days 4/9/24 April 9, 2024
- Swing Trade Screen Picks – Well Hedged List Gives Steady Performance in the Wild Market April 9, 2024
- Chef Says Choose One from Column A Or One from Column B April 8, 2024
- March Withholding Tax Collections Actually Stunk April 5, 2024
- Banking Data Says This Is Last Hurrah for Stocks April 3, 2024
- The End Is Not Nigh March 26, 2024
- Markets Create Money, Money Talks, Markets Listen Etc. March 12, 2024
- We Don’t Need No Stinkin’ Fed – We Make Money from Nothing February 26, 2024
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