The ES 24 hour S&P futures broke out from a little bottom early yesterday, then pulled back to the scene of the crime late. At 5:40 AM New York Time, they were edging back upward to try again. It has the look of a mid stage rounded bottom. But of course, rounded bottoms can turn into something else if they don’t break out. So don’t assume. Because what looks like a rounding bottom may only make an and ass out of u and me.
For now, the 5 day cycle projection of 5080 says that a partial breakout lies ahead, perhaps later today. On the other hand, hourly cycle oscillators are about where they and the market topped out on April 12. This could go either way.
Or neither way. The action has created a triangle with the apex, aka the Dick Trickle Memorial point, at 5010 in the overnight session tonight. The downtrend line, and resistance, is at 5028 now, dropping to 5018 at the NY close. Clear that, and its off to the races. Or maybe that would only be 5050. Don’t clear it, and more slop ahead.
The uptrend line of the triangle is at 4990 as pf 6 AM ET, rising to 5000 at 4 PM. Break that and the first target would be 4975.
For moron the markets, see:
- Swing Trade Screen Picks – Perking a Long April 22, 2024
- Swing Low Sweet Chariot April 22, 2024
- One More Rally To Go April 17, 2024
- Warning Signs Abound, But Ignore Them for Now April 16, 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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