They broke yesterday’s uptrend channel late in the day. Oh, wait a minute. That’s all it took to recover from what had been a big break. Now at 6 AM in New York, the ES 24 hour S&P hourly futures chart shows the index trundling upward along the cen…
That’s right, storps fans. Stocks can go up AND down, as the last two days have shown. However, with the market now being flooded with cash from T-bill paydowns every couple of days, don’t expect much more downside for the time being. It was fun while …
Europe is on holiday today, so it’s kind of quiet, but of course US stocks start the week on an up note. What else is new?
The ES 24 hour S&P futures made a new high overnight. They’re pulling back in the 7-8 AM hour, with trend support upcomi…
There are no more operative red channels on the hourly chart of the ES 24 hour S&P futures. That means the only thing to stop a rally will be uptrending resistance or loss of demand momentum. A 5 day cycle projection suggests that that’s likely aro…
We will test that maxim in the 7-8 AM hour in New York as the ES 24 hour S&P futures run into a trend resistance convergence at 5233. If they clear that little obstacle, there will be immediate running room to 5250.
If they don’t clear it, the…
We are in the second day of a 5 day cycle up phase in the US stock market. There’s no sign yet of an explosive move.
The ES 24 hour S&P futures turned upward off yesterday’s early low and late test of the low. The next high is ideally due Fri…
The 5 day cycle projection on the ES, 24 hour S&P futures is currently 5200. But there’s a spport line convergence at 5214 in the hour ending at 9 AM in NY. So we’ll see. If they take that out, then I would think 5200 a done deal. Otherwise we make…
When you’re talking about the 5 day cycle, things happen fast. In an uptrend, up phases are skewed to the right in time. Down phases don’t last long. And a 5 day cycle low is ideally due today.
Yesterday, the ES 24 hour S&P futures failed to …
Has it really topped out? Maybe not yet, but it’s close. As I pointed out yesterday, the conventional measured move target of a high base breakout would be around 5275, so let’s allow for that. However, the 5 day cycle projection stands at 5245-55, and…
The circus is in town today. Elephant droppings will be everywhere. Ringmaster Jerome Powell will lead the clowns as they parade around the ring, entertaining the crowd who will oooh and ahhh and laugh at their next trick and pratfall. The bigtop opens…
