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Stock Market Looked at the Sun Without Squinting 4/9/24

This is a syndicated repost published with the permission of Stool Pigeons Wire at 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.

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.


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