It’s a yawn not only because it’s boring, but because it’s another bullish setup. Bears need ES below 5339 at the NY open and/or below 5325 to have any semblance of any shot of any chance, of getting even a short term reversal out of this deadly dull m…
The market successfully lifted off the launchpad yesterday and has established orbit. The 5350 level now looms large on the ES. It was the May 23 high, and is also a trend spport convergence level this morning. If it holds above that, the sky is the fl…
The ES was making a triangle yesterday. It broke out, but then stalled. Now the pattern has morphed into a launchpad with a 5 day cycle projection of 5325. Resistance is indicated 5320-25, and a little later in the afternoon around 5340. Clearing 530…
Is making me wait. This market can’t make up its mind. It’s too early for a 3 or 5 day cycle low. More work to be done. Likely heading for the Dick Trickle Memorial Point at 5274 this evening. Levels to watch in the meantime, 5248 for spport or breakdo…
He is still running.
If elected, he will not serve.
We now have an overnight double bottom on the 24 hour hourly ES with a modest positive divergence. This should be enough to give the 5 day cycle up phase some upside. 5230-35 is a serious o…
My gawd. I almost forgot to open this thread.
We finally got our 5 day cycle buy signal, but only after an overnight shakeout.
Why Gold’s Consolidation Is Probably Not Benign
LEE ADLER 3 – GOLD TRADER MAY 30, 2024
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That’s the current 5 day cycle projection on the ES 24 hour S&P futures. It’s also a spport level, a hair above last week’s low. Meanwhile, hourly cycle oscillators are Dover Sole, down to the level where they bottomed last week. That doesn’t guara…
Well, that selloff yesterday was something!
But also nothing.
On the hourly chart of the ES, it was a minor correction. The breakdown of the top pattern has a conventional measured move target of 5235, but I’m not sure that will get hit. The…
Yesterday was Gimme Back Day. That’s the day when Wall Street dealers collectively say, Gimme Back My Inventory! They shake the tree. The low hanging fruit falls off. They pick it up from the ground and redistribute it in the morning at higher prices….
The market is still in an uptrend, but slower and slower. Will the momo reverse? They would need to have an hourly close below 5300 on the ES to create a reversal pattern.
Meanwhile, I’m slowing things down on the Train de Merveilles from Nice u…
