Another dawn. But is it another false dawn, this market rally morning?
The ES 24 hour S&P futures have rebounded from the bottom of a downtrend channel. It didn’t get as low as very short term cycle projections suggested that it would. Hourly cycle oscillators have shifted to the buy side. And the timing isn’t bad in terms of normal very short term daily cycles. Those cycles haven’t been normal lately, so anything goes, but this one lines up in most ways.
The first test of stickability will be a signal trigger line pair at 5080-90 in the NY pre-opening hour, and 5075-85 in the opening half hour. That projects down to 5065-75 at noon. If they can clear that, they should be on their way higher. The first target would be 5110.
If they can’t clear it, the bottom would probably drop out.
For moron the markets, see:
- Warning Signs Abound, But Ignore Them for Now April 16, 2024
- Swing Trade Screen Picks – List Shrinks With Good Profits April 15, 2024
- No More Downside April 15, 2024
- Back to the Gold Old Days 4/9/24 April 9, 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
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