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Market Souffle 4/29/24

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.

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

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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.

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For moron the markets, see:   

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