I will start with the 2 hour bars of the ES 24 hour S&P futures, just to give you some perspective of what a beautiful bottom we’ve just come through. It has a conventional measured move target of 5250.
But wait, is that a little rounded top forming since Friday’s close? If they take this back below 5095, then it could be. Below that, the rally could be extinguished. The 2 hour bar based cycle oscillators are certainly extended, so I can’t rule this out. They Walked the Line
On the other hand, looking at the 1 hour bars, I suspect that this could go into trending mode on the upside. If they clear 5116 with a little oomph, the sky’s the limit.
For moron the markets, see:
- Swing Trade Screen Picks – Hidden Gems April 29, 2024
- They Walked the Line April 29, 2024
- Gold to Hibernate Till Winter April 24, 2024
- Watch Closely as Warning Signs Abound April 23, 2024
- Warning Signs Abound, But Ignore Them for Now April 16, 2024
- March Withholding Tax Collections Actually Stunk April 5, 2024
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