Or not. Bears have the ball early in the pre market, but they need to do certain things on this drive to keep it.
The 5 day cycle has topped out. The megaphone pattern at the low is complete. The breakout is failing, and the price target implication of the breakout is canceled.
But bears can’t yet breathe a sigh of relief. Zombie bulls have many lives. The key levels now on the ES 24 hour S&P 500 futures are 3754 and 3736. Take those out and bears have the ball and are driving. But if they hold, bulls recover the fumble and will try again.
I would expect a move up in the morning hours of regular trading in New York. Mid day and early afternoon is a tossup in my mind. But bears would need to take control after 2:30 turn time to drive it home.
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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