We merely need an hourly close below 4550 to create a lower high on the chart of the ES 24 S&P hour futures. On the other hand, a move above 4565 would have a conventional measured move implication of 4595.
Sigh.
Right now, we appear to be in a 3 day cycle down phase that’s going flat instead of down. The 5 day cycle high is due tomorrow. Hourly oscillators are muddling around in positive territory. They could roll over, but they haven’t yet. So I give the benefit of the doubt to 4595 unless they take out 4550 this morning.
For moron the markets, see:
- Market Looks Poised July 24, 2023
- Correlations Don’t Matter Until They Do, Like Now July 23, 2023
- Swing Picks Following Gold’s Yellow Brick Road July 18, 2023
- Finally, A Few ShortsJuly 17, 2023
- Young Bull Growing Stronger July 17, 2023
- We’re Not There Yet July 16, 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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