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Last night we left off with a 2-3 day cycle projection of 5525 on the ES. Since then, there’s been a failure to launch, but all is not lost for the bulls yet. The 2-3 day cycle projection remains 5515 and there’s an incipient 5 day cycle projection of 5505. To get there, the market must clear proven resistance at 5484. Failing that, a rollover below 5454 could trigger a little waterfall to at least test the low of 5386.
Meanwhile, a look at the two hour bars shows just how pivotal a moment this is in the bigger scheme of things. It should determine whether the recent selloff is just a pause in the big uptrend, or the beginning of an important reversal. How Deep Was My Valley
For moron the markets, see:
- Swing Trade Screen Picks – Read My List, No New Picks September 10, 2024
- How Deep Was My Valley September 9, 2024
- Here’s Hard Evidence that the Slowing Economy Narrative is False September 8, 2024
- Gold a Hold While Miners Blasted September 4, 2024
- Swing Trade Screen Picks – Nothing to Add This Week September 3, 2024
- Withholding Tax Collections Support Sufficient Liquidity Growth September 2, 2024
- Liquidity Still Supports the Rally, But with Warnings August 27, 2024
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