That’s right. Bulls don’t give up. And bears always do, sooner or later, so for those of you looking for and holding shorts, you will need strength of heart, patience, and most importantly, good timing. Because, in the end, timing is everything. Timing is the means. Timing is the end.
The good news for bears is that the overnight pullback in the ES, 24 hour S&P futures, did manage to eke out a new low before turning up around 3 AM New Yak Time. It sets up the possibility of a head and shoulders top pattern developing. But a 5 day cycle projection of 3715 is left on the table. If they don’t hit that, it’s a sign of minor strength.
Approaching 5:30 AM, they’re still rising, and have broken the first minor downtrend channel. Minor resistance shows up at 3748 and 3763. Gotta clear those for the bulls to claim victory in the current hourly scrum in the pre market.
There are a number of scenarios that seem equally likely in the regular trading hours. These include, in part, up, down, or sideways. If there are any others, I will let you know, but those are the ones I’m seeing at this point. But if the bulls can clear 3787, it would be their ball, and driving. If this market drops under 3720, bears are headed for the score.
Today is the bears’ best shot to keep it going. Saturday belongs to the bulls. 😉
Meanwhile, back at the big picture:
- Look Out For the Real Fallout of Declining Withholding Tax Collections – Part 2 October 6, 2022
- Look Out For the Real Fallout of Declining Withholding Tax Collections October 5, 2022
- 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
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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