Menu Close

Itty Bitty Selloff Overnight 4/25/24

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.

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

14jib3

For moron the markets, see:   

If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.

Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RSS
Follow by Email
LinkedIn
Share

Discover more from The Wall Street Examiner

Subscribe now to keep reading and get access to the full archive.

Continue reading