Yesterday’s rally had a bit of not a second, but a third wind, feel to it. The first leg began around April 18, when I was reporting that cycles and liquidity showed the market was headed for a new high in this bull phase. The second wind started on May 2 after a false start on May 1. So after the lull of the past week, this looks like the third wind to me. Illustrating with the 2 hour bars on the ES.
The 5 day cycle projection on the ES is now 5335.
In my daily swing trade screens, the first pass for trend structure had 191 on the buy side and just 23 on the sell side. But only 2 of the buys passed the trigger screen, while 3 of the sells did. Both trigger numbers are extremely low, suggesting that it’s too late to buy and too early to sell. Swing Trade Screen Picks – No Way!
The usual 1 hour bar look.
For moron the markets, see:
- Why Sell in May and Go Away May 14, 2024
- Swing Trade Screen Picks – No Way! May 13, 2024
- Higher But Narrow May 13, 2024
- Icing on the Gold Cake May 10, 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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