The ES S&P fucutures have been attacking resistance at 4210 throughout the night and into mid day here in Europe, early AM in the US. They look poised for a breakout. That would make the next target the rising channel line running 4230-4235 over the next few hours.
Zooming in on the 30 minute bars, there’s a 2-3 day cycle projection of 4218. To get a rollover they’d need to first break trend support rising from 4200 to 4205 over the next couple of hours going into the NY open. But even if they did that they would still need to break the channel line now around 4180 rising to 4184 at 10 AM in NY. If either of those trendlines remains unbroken, the uptrend will remain intact and we can expect higher highs.
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
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Meanwhile,
Stock Market Meat Grinder Running in an Uptrend
LEE ADLERThe Meat Grinder Prevails – Swing Trade Picks For Week of May 24, 2021
LEE’S FREE THINKING
About the Reverse Repo (RRP) “Crisis”
by Lee Adler • • 0 Comments
Zero Hedge, in its inimitable, breathless, and incomprehensible fashion referred to a looming crisis in the Fed’s Reverse Repo program.
This is an important issue, but there’s a lot of confusion around it, so I want to try to explain exactly what’s going on and why it’s not a crisis now, but is a mirror on a process that will lead to one. We know exactly why, and we know when.
