Looking at this hourly chart of the 24 hour ES fuguetures, we see a market going nowhere fast. Over the past 2 weeks it has made a lower low, a higher high, and every trend permutation imaginable. Yech.
Today, once again, the market is making a triangle pattern, which epitomizes indecision. If recent history is our guide it will work it’s way out toward the apex, which is at 2940 in the wee hours overnight tonight.
In the meantime, the likely trading range starts now from 3910 to 3965. If they escape that noose, we’ll get a little bit of a run, until they hit the next resistance or sport level. Whereupon it should reverse yet again.
Ugh.
Meanwhile, back at the big picture:
- We Hold Our Gold Miners, Add Another May 24, 2022
- Even Steven in This Week’s Swing Trade Screens May 23, 2022
- Stocks Are Ahead of the Curve May 23, 2022
- Market Indicators Show Crash Risk Remains Intact May 22, 2022
- Gold Miners Make Short Term Bottom, But Wait, There’s More! May 17, 2022
- Buys Beat Shorts Again in This Week’s Swing Trade Screens May 16, 2022
- Dealer Positions Show It’s Not Getting Better and It Should Get Worse May 15, 2022
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