Quietly Bullish April Fool’s Easter Monday 4/1/24

Europe is on holiday today, so it’s kind of quiet, but of course US stocks start the week on an up note. What else is new?

The ES 24 hour S&P futures made a new high overnight. They’re pulling back in the 7-8 AM hour, with trend support upcoming at 5260-63. That line will be around 5265 as NY opens.

The overnight high was about 5275. The overnight high base breakout measures to 5315. The 5 day cycle projection is 5295. The 5 day cycle is out of whack, now more than 6 trading sessions past the last peak. So it’s a horse of a different fire department. I’m thinking trending mode until it tells us otherwise. That would necessarily start with a break of the aforementioned support trendline.

Liquidity is seasonally bullish. The End Is Not Nigh