Yesterday’s massive market move extended in the pre-market this morning. The ES, 24 hour S&P futures 5 day cycle projection on the hourly chart is now 6025-30. That puts it on a course to test the recent high later today. That’s provided the futures stay above sharply rising trend support. That line will be around 5965 at the New York open, rising to around 5980 at the close.
Breaking that line would at first signal only a slowing of the upmove and widening of the channel in force. The first reversal signal would require an hourly close below 5942. Barring that, all systems will remain go on the upside. S&P 500’s Critical Crossroads: What Lies Ahead for the Markets?
Moron the markets:
- Primary Dealer Stress: Big Risks Delayed, Not Denied, in the Treasury and Equity Markets January 15, 2025
- S&P 500’s Critical Crossroads: What Lies Ahead for the Markets? January 13, 2025
- Top Swing Trade Picks & Market Insights: Gold, Footwear, and Short-Sale Opportunities – Jan 12, 2025
- Gold’s New Year Momentum: Is a Breakout on the Horizon January 10, 2025
- Macro Liquidity Trends: Insights on Repo, Treasury Actions, and Market Dynamics January 10, 2025
- Withholding Taxes Surge – Could This Signal a Market Breakout? January 7, 2025
- Is Gold Approaching a Critical Turning Point? January 2, 2025
- Liquidity Trends and Stock Market Insights – Is a Bear Market Imminent? | Download Full Report December 24, 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 Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
