The ES 24 hour S&P futures broke out from a little bottom early yesterday, then pulled back to the scene of the crime late. At 5:40 AM New York Time, they were edging back upward to try again. It has the look of a mid stage rounded bottom. But of course, rounded bottoms can turn into something else if they don't break out. So don't assume. Because what looks like a rounding bottom may only make an and ass out of u and me.
For now, the 5 day cycle projection of 5080 says that a partial breakout lies ahead, perhaps later today. On the other hand, hourly cycle oscillators are about where they and the market topped out on April 12. This could go either way.
Or neither way. The action has created a triangle with the apex, aka the Dick Trickle Memorial point, at 5010 in the overnight session tonight. The downtrend line, and resistance, is at 5028 now, dropping to 5018 at the NY close. Clear that, and its off to the races. Or maybe that would only be 5050. Don't clear it, and more slop ahead.
The uptrend line of the triangle is at 4990 as pf 6 AM ET, rising to 5000 at 4 PM. Break that and the first target would be 4975.
For moron the markets, see:
Swing Trade Screen Picks – Perking a Long April 22, 2024
Swing Low Sweet Chariot April 22, 2024
One More Rally To Go April 17, 2024
Warning Signs Abound, But Ignore Them for Now April 16, 2024
March Withholding Tax Collections Actually Stunk April 5, 2024
Banking Data Says This Is Last Hurrah for Stocks April 3, 2024
The End Is Not Nigh March 26, 2024
Markets Create Money, Money Talks, Markets Listen Etc. March 12, 2024
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It's pretty simple today. The ES, 24 hour S&P futures must end the day above 5000 for starters. But to break out of all red channels, it would need to end above 5040. The hourly cycle oscillators are favorable for at least the first step. On the other hand, a close below 4990 would lead to interss
Swing Trade Screen Picks – Perking a Long
LEE ADLER 2 - TECHNICAL TRADER APRIL 22, 2024
The shrinking list did fine last week. Non-subscribers click here for access.
Technical Trader subscribers click here to download the complete report.
All 7 picks on the list to start the week last week were winners, including 3 that hit trailing stops. The average gain was 17.1% last week, up from 16.6% the week before. The average holding period was 35 calendar days, versus 34 calendar days in the prior week. That includes picks still open at the end of the week, plus those stopped out during the week.
Past performance does not suggest future results.
Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days!
Swing Low Sweet Chariot
LEE ADLER 2 - TECHNICAL TRADER APRIL 22, 2024
All cycles are in position to set up a swing low this week. It doesn’t guarantee that it will happen. It just means that the setup is propitious. Here are the signs and levels to watch this week to tell you whether it’s coming or, something worse. Non subscribers click here to access.
Technical Trader subscribers click here to download the complete report.
Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days!
For moron the markets, see:
Swing Trade Screen Picks – Perking a Long April 22, 2024
Swing Low Sweet Chariot April 22, 2024
One More Rally To Go April 17, 2024
Warning Signs Abound, But Ignore Them for Now April 16, 2024
March Withholding Tax Collections Actually Stunk April 5, 2024
Banking Data Says This Is Last Hurrah for Stocks April 3, 2024
The End Is Not Nigh March 26, 2024
Markets Create Money, Money Talks, Markets Listen Etc. March 12, 2024
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
Lee, come on. It's gonna be 22nd April this Monday. April sucks. Biggest correction in stock since many months.
I think we should get some up phase next week if we don't get any new bad news from Middle East and earnings from bigtech Meta, Google, Microsoft will be good.
The big q is - how the phase will look like. If it's just sideways then... Be prepare to see 4500 in spx.
April isn't over yet. In some years the response to the buildup of liquidity is delayed by several weeks. The liquidity influx has just started. Warning Signs Abound, But Ignore Them for Now
Biggest sellof for nasdaq since October 2022 (weekly). Sp500 since March.
Biggest drop on NVidia since.... 2020 in pandemic.
Ugly.
But.....
Next week looks very good. Big names
Meta, Microsoft, Alphabet Tesla, Intel and many more from mag7.
Could change the trend. I would close nq shorts next week if I had them hahahaa
I'm all IN since Jan 2024 in oil, energy, copper and some metals.
The Q is also whether to take some chips off the table.
Its time to sell gold? Too hot?
Netflix earnings are not good enough to hold the market. Some technical indicators point out to end of this shallow correction.
It will be interesting to see how the situation develops over the next week.
