The chart of the hourly ES 24 hour S&P futures has met a key resistance trendline and has halted its move as of 7 AM NY time. But is this the end of the move, or merely a pause that refreshes? A 2-3 day cycle projection points to 5235, done. But using a 4 day basis, which has been a common expression of merged 2-3 day and 5 day cycles, the result is 5245. There’s not quite enough data yet for a reliable 5 day cycle projection, but it could plausibly be 5250-55.
My personal trading screens of 1400 NYSE or Nadsac actively traded issues priced at minimum $6 spit out 106 issues recently meeting buy side setup criteria and just 28 on the sell side. However, of those only 3 buys and 3 sells triggered yesterday. Swing Trade Screen Picks – Surprise Shorts There’s no sign of broad thrust, which suggests, as we can gather without scientific anal-ysis, that this is a late stage move. So we need to be ready for a change of direction at any time. Don’t Trust, Verify
The current daily uptrend channel bottom line is at 5230 as of 8 AM, and 5250 at the New York close. Even if that breaks, there are plenty of spport lines below that are likely to generate rebounds. So, be the ball!
For moron the markets, see:
- Icing on the Gold Cake May 10, 2024
- 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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