Today is a national holiday in France, celebrating the Allied victory over the Nazis in WW2. So we won’t see much tape action until New York traders start actively trading in about 2 hours at about 8 AM. At that point we’re looking at a trend convergence around 5180, with a trendline rising to 5187 at the New York close. Any downside whatsoever would be dependent on breaking that line and a critical spport level at 5178. Break that, and there’s about 20 points of air.
A 5 day cycle low is due today. Odds therefore favor a liftoff, but there’s overhead supply indicated. Resistance levels are 5200 and 5204, with the top of the current uptrend channel at 5215 later today. The next resistance area above that would be around 5225 near the NY close.
In the third week of April, when almost everyone was all beared up, I was bullish because both liquidity analysis and cycle analysis showed that a bottom was forming. Want to know what to do now? Stay ahead of the curve. Know what to expect and trade with confidence.
For moron the markets, see:
- Swing Trade Screen Picks – Surprise Shorts May 6, 2024
- Don’t Trust, Verify May 6, 2024
- April Tax Collections Soared May 4, 2024
- Gold Valley Rally May 3, 2024
- The Fed Doesn’t Matter Any More May 1, 2024
- Swing Trade Screen Picks – Hidden Gems April 29, 2024
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