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Rounding the Rounded Round 4/23/24

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.

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.

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For moron the markets, see:   

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