First,
LEE ADLERTechnical signs of an intermediate bottom forming have broken, and cycle projections now point lower. Multiple failed buy signals mean that the market is currently more vulnerable to a crash than has been the case for a long time. Watch out if the market breaks down on Monday. Here’s what to look for. Non subscribers click here to access.
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As for today, here’s what we’re lookin at, first on the 2 hour bars of the ES, 24 hour S&P futures for perspective. They took out the early October low by 10 points this morning but now they’re trying to mount that V bottom. The 5 day cycle projection was 4205. That was blown out. The hourly oscillators got buried, so maybe the market is sold out.
Or maybe not. It depends. First they need to get through downtrend channels around 4215 in the opening half hour of New York trading. If they did that, then they would target the next downtrend at 4240.
But let’s imagine that they don’t clear 4215. Then what? Might be vectoring toward the 4150-60 area.
For moron the markets, see:
- Beware of Bear Market Crash Potential October 23, 2023
- Swing Trade Screen Picks – Which is Better, Late or Never? October 23, 2023
- When the Market Is Ready, an Event Will Appear October 16, 2023
- Dealers Pull In Their Horns October 14, 2023
- Veal Market – Baby Calves Get Slaughtered October 9, 2023
- Gold Breaks Down, With Long Term Implications October 5, 2023
- Tepid Tax Collections Mean It’s the Supply October 4, 2023
- The Rhymes of History September 24, 2023
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