They broke yesterday’s uptrend channel late in the day. Oh, wait a minute. That’s all it took to recover from what had been a big break. Now at 6 AM in New York, the ES 24 hour S&P hourly futures chart shows the index trundling upward along the center of that uptrend channel. It’s above yesterday’s high.
If you shorted yesterday’s break, you were screwed. In this money, bulls make money, pigs make money, and bears get slaughtered. That’s not how the old saying originally read. But that was then. This is now.
At the moment, there’s a 2-3 day cycle projection of 5245. There’s no 5 day cycle projection yet, but we’ve often seen a 4 day iteration of that cycle. That projects to 5265. But to get there, first they’d face formidable resistance around 5245-48. Breaking that would result in a conventional measured move target of 5295.
Spport lines are now around 5225, rising to 5235 at the NY close. They’d have to be broken to break the back of the trend. Nowhere to Go but Up
For moron the markets, see:
- Banking Data Says This Is Last Hurrah for Stocks April 3, 2024
- Gold Goes Space Needle April 1, 2024
- Swing Trade Screen Picks – Extended Uptrend Yields Just One New Pick March 31, 2024
- Nowhere to Go but Up March 31, 2024
- The End Is Not Nigh March 26, 2024
- Don’t Stop Never Disbelieving March 24, 2024
- Markets Create Money, Money Talks, Markets Listen Etc. March 12, 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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