So I open my charts today and see this and say WTF!
On the hourly ES, 24 hour S&P futures, the downtrend is broken, but there’s no handle breakout yet. For that, it probably needs to clear 5500. The conventional measured move target would the…
The 5 day cycle projection on the ES, 24 hour S&P futures is 5550, with the high ideally due Tuesday. That suggests that the downtrend will be broken today or tomorrow. The conventional measured move target of an hourly close above 5490 would be 55…
Oh, my money! How can I lose thee? Let me count the ways.
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 a…
For the bears, that is. I pointed out last night that the market topped out on time but fell shy of hourly cycle projections. That’s usually a sign of weakness. This morning’s tape has borne that out. The ES, 24 hour S&P futures now have a 5 day cy…
Yes, my friends, we have a base breakout on the hourly chart of the ES, 24 hour S&P fuguetures. It has a conventional measured move target of 5615. At the same time, there’s a 5 day cycle projection of 5620-25. Trend spport is around 5555 this morn…
Well, yeah.
Politics and Markets Make Strange Bedfellows
LEE ADLER 2 – TECHNICAL TRADER JULY 21, 2024
Joe will go, but the market won’t go with him. Political events, no matter how much of a watershed they represent, do to …
What happens in yesterday, stays in yesterday. In the pre market this morning, 3 days of gains have been wiped out, and the 5 day cycle projection points to 5485. If this breaks 5605, the conventional measured move target would be 5455. What’s it all …
The hourly chart of the ES has that launchpad look again. It needs to close below 5622 today for us to even start thinking about a reversal. Meanwhile, there’s a 5 day cycle projection of 5695. There may be some resistance at 5655 and 5667.
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Everywhere you look on the ES hourly chart, nothing but uptrend channels. The 5 day cycle projection now points to 5660-65. Sell signals have been meaningless on the hourly oscillators. I would not even think of potential reversal unless the ES is belo…