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What They Said About Falling Knives 4/19/24

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.

A big overnight selloff has been reversed in the early morning hours, half way through the European trading day, and 2 hours before NY opens. The ES 24 hour S&P futures have returned from a knife plunge, back to unchanged since the NY close. The selloff resulted in a 3 day cycle low. It also broke the potential positive divergence in hourly oscillators. While they’ve since turned upward, the lack of a positive divergence usually means at least a test of the low, or lower low ahead before a tradable low. So I would be on the lookout for that late today or Monday.

A test of strength is dead ahead with a resistance convergence on the hourly chart in the 8-9 AM hour at 5005. If they clear that, then it should be onward and upward. If they turn tail at that point, look for that test of the low.  One More Rally To Go


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