But will it stay that way. The uptrend is intact on the ES 24 hour S&P futures, but so is a little downtrend. Today, they’ll battle it out.
The uptrend line to watch rises from 5037 to 5048 from 5 AM NY time to the NY close at 4 PM. If that holds it’s bullish. If it breaks, the downside may or may not open for greater losses. The top of the downtrend channel drops from 5068 to 5057 over that time. Clear that, and more upside becomes likely.
The two opposing channels create a triangle pattern with the tip at 8 PM ET, at 5053. That will act like a black hole, with the intense gravity pulling the price action toward the singularity. To avoid the event horizon by 2:30 turn time, the ES must break one of those two trendlines.
A 5 day cycle low is ideally due this afternoon. If there’s no breakdown early, and especially if the trendline holds, I’d look for explosive upside. Swing Low Sweet Chariot
For moron the markets, see:
- Gold to Hibernate Till Winter April 24, 2024
- Watch Closely as Warning Signs Abound April 23, 2024
- Swing Trade Screen Picks – Perking a Long April 22, 2024
- Swing Low Sweet Chariot April 22, 2024
- One More Rally To Go April 17, 2024
- Warning Signs Abound, But Ignore Them for Now April 16, 2024
- March Withholding Tax Collections Actually Stunk April 5, 2024
- Banking Data Says This Is Last Hurrah for Stocks April 3, 2024
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