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The 5 day cycle projection on the ES, 24 hour S&P futures is 5550, with the high ideally due Tuesday. That suggests that the downtrend will be broken today or tomorrow. The conventional measured move target of an hourly close above 5490 would be 5580. The ES would only need to end regular trading hours today above 5505 to be well on its way to both of those targets.
Conversely, should the ES be below 5490 at the closing bell, then the bears would have a shot at seeing a test of the low by the end of this week. They’d need to be below 5468 to reinvigorate that downtrend for a couple of days more. Topping on the Cake
For moron the markets, see:
- Topping on the CakeJuly 29, 2024
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