Visibility into the near future has been pretty good lately, so I’ll start with a review of what we expected, where we are now, and any changes likely ahead.
The Fed’s RRP slush fund drawdown will start next week.
Here’s the 2 hour bar chart on the ES S&P futures. Looks real bottomy from here. If they get clear of 4397, look out above. Next stop 4420, and wait to see how the pattern around there shapes up. Consolidation, or top.
Meanwhile, when w…
Here’s the 2 hour bar chart. While we still have an hourly bear market, the 5 day cycle count and pattern of the past two weeks certainly looks base-y. The levels to watch on the downside are 4327 and 4309. Break those and we could have a bear party.
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When all feels hopeless is usually when a bottom arrives. Right now feels semi hopeless. Maybe not a good thing.
If this was a daily chart, it would be a bear market. It’s not. It’s just 2 hour bars. And last week’s triangle breakout looks like a bottom. The current pullback would be a test of the low, and it appears to have reversed in the last hour, as of 6 AM …
Ok. I’m sticking my neck out. But the 5 day cycle projection has been hit on the S&P futures in overnight trading in Aids Ya and Your Rope. And there’s a wee bit of a possible bottom pattern in the price graph and hourly oscillators.
Yes, thi…
Including 5 holdovers from last week, there are now 13 open picks on the list, all longs.
From a time perspective, the 10-12 month cycle ideally should be in a top phase. But it surpassed its last cycle projection of 4440 so it is probably in trending mode. Both the 6 month cycle and the 13 week cycles appear to be trending.
I’m sorry folks, but this just isn’t a bearish pattern on the hourly. I mean the trend is, obviously. And the trend is your friend. But the pattern isn’t. Because this is a pattern. And what do we know about patterns, class?
That’s right.
All…
