The market is rebounding today, with a big jump off the floor, after the bears’ in and out rim shot yesterday. They had a shot to win at the buzzer, but couldn’t sink it. Bulls got the rebound and are running the floor this morning.
If you’re into fiber nachos to start your day off right, the 38.2 on the ES fucutures is at 4399. The fitty is at 4415. Chart resistance levels are right where the futures are trading at 4 AM in New York at 4387. After that and a little later there’s a resistance cluster around 4305-08 around the time NY opens.
Will it get that high? Hourly oscillators are solidly bullish, but it’s too soon in the upturn for any cycle projections. I’ll look for a 2-3 day cycle projection in a few hours. For the bigger picture see The Ugh Market.
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
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 the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
Meanwhile, for your longer term infotainment and edification:
A Few Good Signs from the Gold Miners, But Not the Metal
Rangebound Noisy Signals from Swing Trade Screen
Liquidity Matters, The Fed’s BS Doesn’t
