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And now it is flying blind, without much clue as to today’s direction. The ES, 24 hour S&P futures are in a tight triangle with an apex right at 5200 later today. One way or another, it will break out of the triangle today. We can say for certain that it will be in one of three directions. Up, down, or sideways.
Just as I write this, approaching 5:30 AM ET they’re working on an upside breakout. An hourly close above 5211 should get the ball rolling uphill. A failure here would suggest they’ll get crushed to the bottom of the pattern. All the way to 5198. Oh the humanity. And if that were to break the next spport target would be around 5188. Now, if that broke, we could see some excitement.
There are a few layers of resistance on the upside also that would probably prevent a runaway move. Those would be around 5227, 5233, and 5240-45. The big one is 5260.
For moron the markets, see:
- Swing Trade Screen Picks – Well Hedged List Gives Steady Performance in the Wild Market April 9, 2024
- Chef Says Choose One from Column A Or One from Column B April 8, 2024
- March Withholding Tax Collections Actually Stunk April 5, 2024
- Banking Data Says This Is Last Hurrah for Stocks April 3, 2024
- Gold Goes Space Needle April 1, 2024
- The End Is Not Nigh March 26, 2024
- Don’t Stop Never Disbelieving March 24, 2024
- Markets Create Money, Money Talks, Markets Listen Etc. March 12, 2024
- We Don’t Need No Stinkin’ Fed – We Make Money from Nothing February 26, 2024
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