This downswing is aging. Is it old enough?
Each day that the decline persists, the odds of another short covering spike go up. But is today the day?
As of 7 AM in New Yak City, the ES, 24 hour S&P futures need to crack through 3605 on the hourly chart, to begin a 5 day cycle up phase. Failing that, we’d be looking at the potential for an immediate drop to sport lines in the 3550 area. But Is this low bottomy? The 5 day cycle projection of 3565 was already hit, and the hourly oscillators look do look bottomy.
However, if they only rally back to the 3630s, they’ve accomplished nothing, and we can expect them to pay us back on Tuesday.
Meanwhile, back at the big picture:
- Swing Trade Screens – Beware! This Swing is Old October 3, 2022
- Stocks Have Much At Stake Right Now October 2, 2022
- Gold Reason to Hope No Reason for Optimism September 30, 2022
- Markets Face Catastrophe as Dealers Mitigate Too Little Too Late September 26, 2022
- Fed Speeds Into Dead Man’s Curve, More Black Tuesdays Ahead September 15, 2022
- There Will Be More Black Tuesdays September 14, 2022
- Withholding Tax Collections Collapsed in August But BLS Data Won’t Show It September 2, 2022
- Warnings of August Liquidity Crash Come to Fruition – Here’s What to Do August 28, 2022
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