to the DOWNSIDE. Whoa. WTF.
Just a correction in the new bull market?
LOLOL
Je ne sais pa.
First the 2 hour bar perspective on the ES, S&P 500 24 hour futures. This morning’s pre market dive combined with Friday’s has now broken 5 significant uptrend channel lines, without so much as a by your leave. A sixth is now being challenged as of 6:30 AM in New York. The key sport level is 4166. Break that, and the next target would be 4141.
Now for the one hour bar look. The measured move target of the head and shoulders breakdown is 4275. They hot stoved that in the last couple of hours. The 5 day cycle projection is 4160-65, but there’s a chance that it could be as low as 4120. Hourly cycle oscillators have broken previous lows and continue to weaken apace. There’s no sign of a low forming here yet.
To understand and profit from the big picture check out the following.
- Stock Market Uptrend Cracks – Look Out Below August 22, 2022
- Has Rule Number One Been Repealed? August 18, 2022
- Swing Trade Screens – Buys Overwhelm Sells, It’s Late But One Sector Looks Ready to Roll August 15, 2022
- Yikes! August 15, 2022
- Mildly Bullish Outlook for Gold Holds August 13, 2022
- “As Good as It Gets” Was Good While It Lasted August 6, 2022
- Treasury Confirms Supply Tsunami We Expected – Will Obliterate Everything August 3, 2022
- Withholding Tax Collections Solid in July, But Here’s Why the Party is Over August 2, 2022
- The Bond Rally That Fooled The Majority And Didn’t Help Dealers July 27, 2022
- As Good As it Gets, Before the End of Time July 18, 2022
- Are the Fed and Treasury Geniuses, or Just Lucky? Part One July 12, 2022
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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