First, we have new chart picks. And they swing both ways. No matter your preference, you too can be a wiener. So go ahead and hot dog it!
On this morning’s chart of the hourly ES 24 hour S&P futures, we’re in consolidation mode. Or it least, it sure looks that way. 5993 and 5987 are the spport lines to watch. One will need to hold to set up the next launch. If broken, Then we look toward the rising 50 hour MA, the slowly curving blue line currently at 5952, and vectoring toward 5962 at the NY close.
On the upside, if they launch earlier, yesterday’s high of 6027 would be target one, with a couple of trendlines converging in the 6030-35 area likely to provide more resistance.
For moron the markets see:
- Here’s Why Lower Treasury Supply Ahead is Bullish or Super Bullish November 11, 2024
- 3-2-1 Liftoff November 10, 2024
- Don’t Be Misled By October Tax Collections Collapse November 5, 2024
- Swing Trade Screen Picks – Treading Water November 5, 2024
- Major Inflection Point November 4, 2024
- Old Gold Uptrend Could Get Smoked November 4, 2024
- Primary Dealer Crisis Now, Crisis Later October 31, 2024
- Liquidity Measures Show Markets Stretched to the Limit October 21, 2024
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