The market is in one of its patented sideways consolidations that happens so frequently when it edges to new highs. It’s monotonous. I’d love a different outcome, but expecting something different would be insane. So as we look at this at 5:45 AM ET, here we are again testing an uptrend channel, with no sane reason to believe that there will be a breakdown.
The key level to watch is 4482. They’d need to break that to have any likelihood of a material move to the downside.
Meanwhile, we still have resistance at the top of the megaphone pattern, which I’ll show you on the two hour bars. I see no reason to expect that to be broken, but obviously it could happen. If it does, there would be room to run to 4530 in the blink of an eye.
And now for your longer term listening and dining pleasure:
This Could Be the Start of Something Big for Gold
Here are the Keys as the Trend is Intact, But on Edge
Despite the Rally Primary Dealers Are Still At Risk
Chart Picks – 4 New Picks From Friday’s Swing Trade Screen
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