The ES, 24 hour S&P futures is crawling up along an uptrend channel line this morning. The line runs from 5140 at 8 AM ET to around 5170 at the NY close. They’d need to break that for starters to even think about starting a top pattern. Otherwise, we are looking at a 5 day cycle projection of 5200 and a conventional measured move implication of 5215.
For moron the markets, see:
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The Fed Doesn’t Matter Any More May 1, 2024
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