Yesterday’s little launchpad fire on the ES, 24 hour S&P futures has been fully extinguished, and the pad has been rebuilt. The rocket engines are intact, and a new 5 day cycle buy signal has initiated the countdown to liftoff. The 5 day cycle projection is 5250. Obviously, resistance at 5189 must be cleared. Assuming that it is, then the high base breakout would have a conventional measured move target of 5260-70.
Will it get there today? Probably not. There are trend resistance lines at 5190, 5200, and 5210 that must be cleared, and that could take a little chewing.
On the slight chance of a pullback, 5180-5175 looks like spport. Only if they break that is there even a chance of reversal.
I’ve actually gotten used to being bullish. Obviously, we’re doomed. Market Flies Blind in Thin Air
For moron the markets, see:
- Markets Create Money, Money Talks, Markets Listen Etc. March 12, 2024
- Market Flies Blind in Thin Air March 11, 2024
- Swing Trade Screen Picks – What to Do With Profitable Week Behind March 8, 2024
- Gold Sets Up for Major Breakout March 6, 2024
- The Magic of Rising Stock Prices Driving Liquidity, Driving Prices March 4, 2024
- Tax Collections Took Off in a Stunning Reversal in February March 3, 2024
- We Don’t Need No Stinkin’ Fed – We Make Money from Nothing February 26, 2024
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