The rain has finally stopped here in Malmo, Sweden, so as soon as I finish my daily start routine here and on Wall Street Examiner, I am heading over to Copenhagen for the rest of the afternoon and evening.
The sun apparently is also shining on Wall Street. Yesterday afternoon I identified a 5 day cycle high, but so far, the wave has barely even turned sideways. It’s a classic flat down phase that doesn’t go down, and mostly shows up as slower upside momentum. We could see a 3 day cycle low this morning, and then another upside breakout.
If the full 5 day version plays out, then the low would be on Monday. If this thing doesn’t pull back below 4480 on the hourly chart of the ES, S&P 500 futures, they could blow the roof off next week.
Even if 4480 breaks, there’s no reason to turn bearish. 4463 is the sport level where I might start thinking about it.
Oh, one more thing. Despite the indications that we’re in a 5 day cycle down phase, the 5 day cycle projection has risen to 4500.
Traders like round numbers.
And lest we forget, the conventional measured move target of the latest base breakout is 4520.
Meanwhile, what was ugly has turned beeyooteefull. July Starts Ugly After Fabulous June
Sweden is odd. Not bad, just different. I guess there’s a reason why there’s a design called Swedish Modern. Everything here looks like it was designed by Ikea.
Because it is.
Malmo is the most modern town I’ve seen since Rotterdam. Oslo is tres Moderne as well, but with large older sections that are quite beautiful. Malmo’s old center is tiny relative to the city as a whole. Like Oslo, the city is clean and quiet. There just aren’t that many noisy internal combustion engines running up and down the streets. In fact, there’s hardly any traffic. Bikes everywhere. But what do they do in their frigid winter?
See you later!
For moron the markets, see:
- One Small Step For Gold, One Giant Leap for Goldkind July 11, 2023
- July Starts Ugly After Fabulous June July 10, 2023
- Stocks Are Scraping the Ceiling July 9, 2023
- Withholding Tax Rebound Sets Up a Bearish Fed Catch 22 July 6, 2023
- Golden 13 Week Cycle Turn and Other Hopeful Signs 7/5/23 July 5, 2023
- It’s Not Your Daddy’s Liquidity Anymore July 5, 2023
- We Now Know What is Driving the Rally June 20, 2023
- The Fed’s Slush Fund is Working June 16, 2023
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