The ES, 24 hour S&P futures shows little sign of a rebound as it challenges support at 5410. At 8:30 AM ET, it was challenging its sharpest downtrend line at 5425. Even if it clears that, there’s more sharply descending trend resistance suggested around 5440 in the opening hour of regular trading. If they clear that, then we can think about a possible bottom. Otherwise it would still be crashy. End Stage Hysteria Breaks
5410-5400 is the Maginot line. If they go around it, there’s air to around 5370.
For moron the markets, see:
- Gold Breakout Failure Signals Big Trouble July 25, 2024
- End Stage Hysteria Breaks July 24, 2024
- Swing Trade Screen Picks – Short-term Cancer Culture July 22, 2024
- Politics and Markets Make Strange Bedfellows July 21, 2024
- The Sky’s the Limit July 18, 2024
- Picking Up Nickels in Front of a Steamroller July 9, 2024
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