I don’t know if kids still play with Slinky, but the stock market has one that goes up the stairs, not down. Here are a few pictures.
Originally posted at the Daily Stool.
The 5 day cycle turned up overnight, setting up conditions for another breakout and a move to 4160 today. Maybe more.
Here’s the hourly chart.
Drilling down to 30 minute bars, there’s a 2-3 day cycle projection of 4140, but there’s no reason to expect that to be the peak. Rising trend resistance is at 4145 at 5 AM in New York. That moves up to 4152 at the open. Then it runs into channel resistance around 4157. That line will be at 4160 at the NY close.
The first challenge for the running of the bulls comes at resistance indicated around 4140. I assume that they’ll clear that.
