It’s an up phase, but how long and how strong it’ll be are the questions. The answers to both are, “not very.” For this up phase to get anywhere the boyz first would have to push the ES, 24 hour S&{ futures through resistance at 3872 and 3881. If they did that, the conventional implied measured move would be to 3925. And before the got there, there would be a resistance convergence at 3905 in the first half hour of regular trading in New York.
Call me skeptical.
If they can’t get through 3872, we still have an unmet 5 day cycle projection of approximately 3785 to shoot for. There are vectors toward 3800 first, but I like the one to 3737. I think that if they roll under 3855, we’ll be on hour way before New York gets started, and that they’ll pile on.
For moron the markets, see:
- The Trend Was the Bears’ Friend December 19, 2022
- Swing Trade Screen Picks – Short Stops Killed but Many More Added December 19, 2022
- May Gold Be Merciful Unto Us, Amen December 19, 2022
- Fed Steadfast But Treasury Throws a Bullish Curve December 14, 2022
- Limited Supplies Delivered At Bear Custard’s Last Stand December 12, 2022
- Federal Tax Revenues Are Slowing December 6, 2022
- Fed Policy Will Stay Bearish Until It’s Too Late November 20, 2022
- The Repeal of Rule Number One, Don’t Fight the Fed November 14, 2022
- Bond Market Rally is Technically Valid but Belies the Facts November 12, 2022
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