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It’s a yawn not only because it’s boring, but because it’s another bullish setup. Bears need ES below 5339 at the NY open and/or below 5325 to have any semblance of any shot of any chance, of getting even a short term reversal out of this deadly dull market.
Never short a dull market, right?
Indeed, if they end up above 5376 today, the bottom at a top pattern will be validated, and the upside momentum would probably accelerate.
Here it is on 2 hour bars going back 6 weeks. I have circled the Friendly Brontosaurus Pattern.
Of course, on Friday we also had the mighty Topo Gigio pattern. The question is which is stronger.
This is the type of analysis that differentiates the truly great technical anal cysts from the quacks and cranks.
For moron the markets, see:
- Swing Trade Screen Picks – Had the Plot, But Not the Right Actors June 10, 2024
- The Top Must Wait June 9, 2024
- Something Ugly Could This Way Come for Gold June 7, 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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