They did it in the pre market. The ES fugutures broke out of a launchpad pattern at the top of the megaphony pattern. But just as quickly, they pulled back to the breakout. Nothing to see here. Yet. That’s normal for a breakout. I think we’d need to see something below 4795 to start thinking about a failed breakout.
Meanwhile, the 5 day cycle projection is around 4824. Hourly oscillators are slightly bullish but on the cusp. I can’t get excited about any possible downside yet. The upside might have a percent or so if they clear 4825. Ho hum.
Meanwhile, the big picture.
When Boring Isn’t Bullish – Gold
It’s The Most Blunderful Time of the Year
Wheels Are Moving in Slow Motion for the Top
The Rigor Mortis Stock Market Rally
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.
