DrStool Posted July 23, 2021 Report Share Posted July 23, 2021 The 5 day cycle seems to be in trending mode with a now dated projection of around 4410. The latest 2-3 day cycle projection points to 4400. Resistance, in the form of the July 14 intraday high on the ES fucutures is indicated at 4384. They're readying an attack on that now. If cleared, 4400 should be done with ease, although there may be resistance around 4386-88. Once they clear that, this pig could really blast off. In the unlikely event of a pullback, har-de-har-har, multiple trendlines suggest spport around 4368-70. If that were tested and held, it too would probably be a base for a launch into space where no man has tread before. Note especially, the formation of a massive reverse head and shoulders pattern with a neckline at 4388. A breakout would have a conventional measured move target of around 4550. I'll grant that we probably would not get there today. But I wouldn't rule out Saturday. Meanwhile, as for the longer term stock market technical outlook - Here’s What Friday’s Selloff Means for Our Future I'll post the weekly update this weekend for Liquidity Trader subscribers. Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days! If you missed my interview with Lindsay Williams yesterday, about why bond yields are falling while inflation is rising, here it is again. Also Here’s What the Treasury Buying Stampede Really Means And something for doleful goldbugs. 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 filter. If you're interested in following the photo journal of my European wanderings, including latest shots from Warsaw, a dynamic, un-Europe-like city, check out my Instagram page. Link to comment Share on other sites More sharing options...
GregFokker Posted July 23, 2021 Report Share Posted July 23, 2021 You give good podcast, Doc. And a great face for radio 😄 Link to comment Share on other sites More sharing options...
DrStool Posted July 23, 2021 Author Report Share Posted July 23, 2021 Houston, we have liftoff. Link to comment Share on other sites More sharing options...
DrStool Posted July 23, 2021 Author Report Share Posted July 23, 2021 I admit that it's depressing. Link to comment Share on other sites More sharing options...
Jimi Posted July 23, 2021 Report Share Posted July 23, 2021 3 minutes ago, DrStool said: I admit that it's depressing. It is depressing. Link to comment Share on other sites More sharing options...
DrStool Posted July 23, 2021 Author Report Share Posted July 23, 2021 May I have your attention, please. May I have your attention, please. We are now breaking out of an uptrend channel. Repeat. We are now breaking out of an uptrend channel. To the upside. That is all. Link to comment Share on other sites More sharing options...
MisFit Kid Posted July 23, 2021 Report Share Posted July 23, 2021 ATH........4400......Cleveland Guardians.......WTF Must be Friday........ >: Then again, when people can slowly walk out of a store stealing items, as everyone watches........maybe everyone is catching on to the new normal. (CRIME PAYS) Link to comment Share on other sites More sharing options...
DrStool Posted July 23, 2021 Author Report Share Posted July 23, 2021 The 2-3 day cycle projection is now 4425, up from 4400. Link to comment Share on other sites More sharing options...
DrStool Posted July 23, 2021 Author Report Share Posted July 23, 2021 The hourly chart looks like a fartcall of the daily chart of the past 18 months. Link to comment Share on other sites More sharing options...
Jimi Posted July 23, 2021 Report Share Posted July 23, 2021 1 hour ago, DrStool said: The 2-3 day cycle projection is now 4425, up from 4400. Grand... that's just grand. Link to comment Share on other sites More sharing options...
BurntOnce Posted July 23, 2021 Report Share Posted July 23, 2021 elivs costello recently re-issued "pump it up". there must be a subliminal message here. Link to comment Share on other sites More sharing options...
BurntOnce Posted July 23, 2021 Report Share Posted July 23, 2021 yellen and her debt limits. bless her for trying to draw down the balance sheet. but we all know what happened when she tried. Link to comment Share on other sites More sharing options...
DrStool Posted July 23, 2021 Author Report Share Posted July 23, 2021 Trumplestiltskin happened. Link to comment Share on other sites More sharing options...
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