I thought I’d never say this, but the market is trying to break out again.
Actually I didn’t think I’d never say it, but I thought I’d try not trying to say what I didn’t say that I’d never thought would happen.
The point, I guess, is that this chart looks a lot like yesterday’s. They still face resistance at 4806 on the ES, S&P fugutures, but they’re a little further below the top of the meggerphone, now around 4820, heading for 4825 or so during regular NY trading hours. The hourly oscillators suggest that the attack on the first resistance level will probably be successful in generating a breakout.
That’s not guaranteed, so we’ll watch what happens there. Might pull back and try again. Might go there and stick. We don’t know. If the do pullback, it would only have bearish potential if it breaks down below this narrow range at 4778. They we might have something. Otherwise the bulls are just scrimmaging with themselves.
Meanwhile, the big picture.
Holiday Wishes and Publication Schedule
Get Ready for a Slow Moving, but Perfect Storm
Gold Shows Every Sign of Doing This Now (and Forever)
Is It Time to Quit if Your Chart Picks Crushed the Market Last Week?
How to Tell When This Inconclusive Market Turns Dangerous
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