SInce Friday afternoon we’ve now had one lower high and a lower low in the ES 24 hour S&P futures. It’s an hourly basis bear market.
But the supercycle (long term trend of more than 2 days) is still bullish. The ES would need to end today below 5715 to change that. But if that happens, the result could be catastrophic, potentially as low as 5685 or even 5675.
All kidding aside, the hourly oscillators have now trended meaningfully below the zero line with little evidence of the normal cycle patterns that we’re accustomed to. It raises the mathematical question of, “What up wit dat?” Well, for starters, there’s an apparent 5 day cycle projection of 5690. Let’s judge the future accordingly.
Lee AdlerMost indicators are in gear and suggest higher prices ahead, but there’s a crack in a long-term measure that starts a clock. How much higher and how long do we have, doctor? Here’s the prognosis. Non subscribers click here to access.
Technical Trader subscribers click here to download the complete report.
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For moron the markets see:
- The Longer This Goes On, The More Fragile It Becomes September 30, 2024
- Cracks Beneath the Surface of the Stock Market September 30, 2024
- Here’s a Gold Thing Going Parabolic September 26, 2024
- Market Can’t Live By Repo Alone September 25, 2024
- Swing Trade Screen Picks – Let ’em Ride September 24, 2024
- Macro Money Blows the Roof Off September 17, 2024
- Primary Dealer Clown Show Danger Pales in Comparison to Hedgie Daredevils September 11, 2024
- Here’s Hard Evidence that the Slowing Economy Narrative is False September 8, 2024
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Edited by DrStool
