The S&P futures (ES) didn’t make it to the 5 day cycle projection of 4472 before starting a little pullback this morning. The 4450 area is a potential sport level. If it doesn’t hold, then we’ll look to 4440 and 4430. Even at 4430 the 3 day uptrend would remain intact.
In fact, the bottom of the trend channel off Thursday’s low is down at 4410 at 4:30 AM NY time, and rises to 4422 at the NY open. My guess is that this channel won’t be broken on this pullback. After the next bounce, we’ll see.
If this pullback holds here, and does not break 4450, then the likely initial targets would again be 10 point increments of 4460, 4470, and 4480. Today must be multiples of 10 day.
And now for your longer term listening and dining pleasure:
Here are the Keys as the Trend is Intact, But on Edge
Despite the Rally Primary Dealers Are Still At Risk
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