You gotta hand it to the bulls. They don’t quit. Although I’m not sure that it’s the bulls driving these rallies. More likely, chicken shorts. I mean… you can’t blame them for having weak hands, after being burned so so many times over the past dozen years.
But here’s the thing, see….
The more short covering now, the less there will be later. Without that demand, the market will go lower for longer. Just maybe not today. 2-3,5 day cycle projections on the ES, S&P 500 fugutures currently point to 4325-30, and maybe more. The chart pattern is bullish and so are the hourly indicators.
Resistance is at 4285-90, and 4300. If they clear those, hitting the projections should be quick and easy. If not 4240 is the key sport level to watch. Bears need to be below that in the first half hour of regular New York trading, otherwise, still bulls ball.
Alright sports fans! Play ball.
Oh. One more thing.
5 hr bars.
Meanwhile, get the big picture.
Gold Breaks Out of Massive Long Term High Base, Miners Surge
Fewer Picks Remain But Still 100% Short, With Gains
Why I Don’t Care that Short Term Indicators Are Bullish
Withholding Tax Surge in February was All Inflation
Liquidity With Eyes Glued to Ukraine
This is a syndicated post, which originally appeared at Stool Pigeons Wire at Capitalstool.com. View original post.
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