However, my guess on the 5 day cycle projection is 3865.
As of 4:45 AM ET, the ES fucutures are pulling back from a high of about 3852, heading for multiple support lines around 3839+40. I imagine we’ll get a bounce from there. If it doesn’t, or if it’s weak, the next target would be around 3824-25.
The widely accepted Wall Street conventional wisdom is that the market discounts the future.
Please disabuse yourself of that stupidity.
The market kept accelerating out of trend channels yesterday. That’s crash behavior. In this case, a crash-up.
3815 around 1 PM ET.
At least that’s the 5 day cycle projection. For the big picture, see
The Composite Liquidity Indicator (CLI) Says Honor Thy Father and Thy Mother
Lots of Signals, Mostly Sells, Means Good Shorts Ahead
According to quantum mechanics, a flushed turd can appear in two places simultaneously, based on the position of the observer. But the quantum philosopher asks, if there is no observer, does the turd exist? In the stock market, there are many observers…
Chilling.
Buy it? Or sell the rip?
The market appears to be early in a 5 day cycle up phase that began yesterday afternoon. So far, it is weak but it is working on breaking out of a downtrend channel, as of 4:30 AM New Yak time.
I guess we’ll find out.