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Is this the top?
Might be.
Might not.
An extremely extended hourly ES 24 hour S&P futures chart is sitting on trend spport this morning. An hourly close below 6107 would break it. That might not mean much however. There are spport lines every 10 points or so down to 6066. If the market closes above that level, the uptrend would remain intact at a lower angle.
That said, hourly oscillators have slipped to the sell side, and are in negative divergences. On the other hand, they’re still way up in positive turf. Too many on the one hands on the other, to my liking.
Here’s something interesting. In my screens this morning, covering about 1600 NYSE and Nadsac stocks trading an average of more than 1 million shares/day, and over 6 bucks, major sell setups led major buy setups 171 to 152. Intermediate buys were 118, sells 137. And short term triggers were lopsided on the sell side. 64 sells and 4 buys. Oopsie.
I have refined the algorithms using AI to write code to my specs to more closely capture what I see as ideal setups. I publish a once a week sample. Maximize Your Trading Edge with Weekly Technical Chart Insights
Meanwhile, Goldie is good looking. Update coming this weekend. Breakout coming? Gold Trends and Insights: Are You Ready for the Next Move?
Moron the markets:
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