The ES 24 hour S&P futures tried to break out in the early pre market. They did for a bit, but that was it. Now they’re on the verge of a 5 day cycle rollover, and break of the uptrend, as of 8:35 AM ET. The number to watch in the opening half hour is 5295. If that holds, then the uptrend is intact. If it doesn’t, then we look at 5280 as the next holding area. Closing below that in New York could get the ball rolling on the downside.
Meanwhile, 5348 is now established as resistance. On the off chance they blow through that, then we’re looking 5400ish. Implications of Market Ahead of Itself
For moron the markets, see:
- Swing Trade Screen Picks – Missing 80% August 5, 2024
- Implications of Market Ahead of Itself August 5, 2024
- Tax Collections Were Worse than the Jobs Report But… August 5, 2024
- Why Primary Dealers Net Short Fixed Income Is Now Bad News for Stocks August 1, 2024
- Stars Suddenly Align for Gold August 1, 2024
- End Stage Hysteria Breaks July 24, 2024
- Picking Up Nickels in Front of a Steamroller July 9, 2024
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