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Yesterday’s late breakdown from a clear head and shoulders top pattern failed to generate any follow through overnight. Now it has been fully reversed. Such false breakdowns tend to have bullish implications in the short run. That’s tendency, not a guarantee.
By the same token, the ES is still in a mild downtrend channel. It would need to break 5472 by the NY open, or 5468 by the close to break out of that channel and possibly start a new uptrend.
On the other hand, breaking 5442 should get the ball rolling downhill toward a conventional measured move target of 5410, based on the head and shoulders top breakdown.
In the meantime, rangebound is as rangebound does. Yawn. Also grinding my trading port to mush while it’s at it. Ugh.
Trading ranges are meat grinders for swing traders, but great for good support-resistance band traders. I am not the latter. So I keep nibbling, positioning for the eventual breakout. Hope it’s soon, because if not, there won’t be anything left with which to trade. 😂😂😂
For moron the markets, see:
- Swing Trade Screen Picks – Stick It June 24, 2024
- Weak Trend Status Quo June 23, 2024
- Here Cometh the Grim Repo Man June 20, 2024
- Dr. Gold Stopped the Bleeding Just in Time June 16, 2024
- May Tax Collections Were Super Bullish June 6, 2024
- After Growth in the Spring Comes the Harvest June 4, 2024
- June Swoon Called Off May 29, 2024
- The Fed Doesn’t Matter Any More May 1, 2024
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