The action of the last two days in the ES, 24 hour S&P futures, looks like an orderly consolidation so far. There’s still a 5 day cycle projection of 5050 hanging out there, and a cycle low isn’t ideally due until Wednesday. That said, the hourly oscillators are acting like they want to bottom here. An end of day reading above 5080 would confirm an up phase.
Looking down, if they break 5050, that would signal downside acceleration. I don’t even know if that’s possible at this point. There are additional, more important spport lines around 5040-45. More likely, they’ll get stuck in a 5050-5080 congestion zone today.
Just as I finished this there was a spurt to bring the hourly indicators closer to buy signals. Not quite there yet, but New York traders are still sound asleep. Let’s see what happens when they start opening their trading screens at their bedsides in the next hour. Meanwhile, it’s up to the Euro peons. Charts Say- All Important Monday
For moron the markets, see:
- Charts Say- All Important Monday February 26, 2024
- Gold Holds for HoldFebruary 24, 2024
- Swing Trade Screen Picks – What Happens When Not Holding the Mag Seven February 23, 2024
- Market Sentiment vs. Liquidity Reaches Historical Hysterical February 19, 2024
- This Will Be the Week That Was February 11, 2024
- What’s Up with Down Withholding Tax Collections February 4, 2024
- Primary Dealers Are Maxed Out Again January 24, 2024
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