In short, lower highs and lower lows, with multiple attacks and failures at sport lines. Aka "support" for the uninitiated and uninoculated. If this was a daily chart, it would be a bear market. No doubt that's coming. This is what the stock proctology cycle chartists call a fartcall of things to come.
But of course, hope springs eternal in the hearts of US traders and Federal Reserve chart technicians. So as they got to their screens earlier this morning, the market began to rally smartly, or should we say "stupidly," again.
The 2-3 day cycle projection is 4605. They got to 4601 so far. Close enough? I'm not sure. There's not quite enough data for a 5 day cycle projection yet. Another hour or two for that.
A sharp enough pullback in the early going in regular trading would set up another lower high. There's a ton of resistance 4595-4605. If they clear it, back to 4630 we go. If they don't, bears ball with great field position.
More later! Meanwhile, the big picture.
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