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Successful Launch, Orbit Established 6/6/24

This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

The market successfully lifted off the launchpad yesterday and has established orbit. The 5350 level now looms large on the ES. It was the May 23 high, and is also a trend spport convergence level this morning. If it holds above that, the sky is the floor. A 5 day cycle projection looks like 5365. On a 4 day basis it looks like 5385. 2-3 day cycle projection splits the difference at 5375. Under the Big Top

We also have a bottom at a top pattern breakout. The lower neckline conventional measured move target is 5395. If they stay above 5350, then the big pattern would measure to around 5495-5500. Wooie.

Hard to believe, Harry!

I wouldn’t get too excited yet if they do pull back below 5350. It would also need to break a signal moving average band in the 5335-40 area in the pre market to get a 5 day cycle sell signal. If those are broken, then there would be a theoretical basis for a pullback to 5225 or even 5220 by today’s close.

Conversely if the ES holds above 5340 this morning, then all of those higher targets would remain in play. Swing Trade Screen Picks – Still Tilted Buy June 3, 2024

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For moron the markets, see:   

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