Today is a national holiday in France, celebrating the Allied victory over the Nazis in WW2. So we won’t see any tape action until New York traders start actively trading in about 2 hours at about 8 AM. At that point we’re looking at a trend convergen…
5 hour bars on the ES 24 hour S&P futures show the market to be extended here to the level where previous minor tops have formed. The market has also reached a major resistance area.
So where to from here? Straight down today? Lately the…
The ES, 24 hour S&P futures is crawling up along an uptrend channel line this morning. The line runs from 5140 at 8 AM ET to around 5170 at the NY close. They’d need to break that for starters to even think about starting a top pattern. Otherwise, …
We all know that Wall Street is really a circus. So are we under the big top?
Hard to say, but if it rolls over today, maybe.
And if not, well, a breakout through 5096 would suggest higher prices ahead. The 5 day cycle projection says 5135-…
The finger has been fully inserted. The bull/bear prostate exam is complete. The question is, who survived the experience and who didn’t.
The chart pattern on the ES 24 hour S&P futures is stunning in its incoherence. At least the hourly cyc…
Anytime oscillators hang around the zero line, the next move is likely to be explosive when they finally break away, one way or the other.
Yesterday I warned about that and, “Sho Nuff” when the broke the zero line, down they went.
Now we h…
Today. And tomorrow. Which is when we’ll get the noncement and the dog and pony show. The market will react, and in the days after, as always, we’ll get the Fed Resubstantiation Rally.
For now, it looks set up to go… drumroll please…
T…
I will start with the 2 hour bars of the ES 24 hour S&P futures, just to give you some perspective of what a beautiful bottom we’ve just come through. It has a conventional measured move target of 5250.
But wait, is that a little rounded top …
That was cute. All of the market’s gains came in a nanosecond after the closing bell last night. But they were prepping for it. The dealers had a heads up and shook the trees early in the day to gather the low hanging fruit to add to their inventories….
But will it stay that way. The uptrend is intact on the ES 24 hour S&P futures, but so is a little downtrend. Today, they’ll battle it out.
The uptrend line to watch rises from 5037 to 5048 from 5 AM NY time to the NY close at 4 PM. If that h…