This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.
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
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
