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Care Bears! Breakout Delayed is Not Breakout Denied - 4/20/22

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I don't want to scare my fellow bears, but this the pattern on the ES S&P  24 hour futures chart is still bullish... Potentially. That is, unless and until it posts an hourly close below 4434. Until then, for day traders and other short term oriented loons, it's probably best to keep the short powder dry. 

The other thing to worry about is that an hourly close above 4470.2 would have a conventional measured move implication of 4580. First they'd need to cross trend and level resistance around 4475-80. If they clear. I think that getting out of that obvious base pattern would give them the impetus to enable that. 

tvc_5af239e9307eda424a8d1b5450eff3fa.png

Now, of course an upside breakout isn't guaranteed, so here's what to look for on the downside. First, they'd need to have that hourly close below 4434. Then, they'd need to break the 3 day cycle sport line, which will be around 4430 as of the NY open. If that happens, bears have a chance. But I still don't like the odds for the next 4 weeks.  

Keep in mind that liquidity is currently very, very bullish. And that liquidity sure as hell ain't flowing into bonds. 

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The big picture:

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They're shutting it down!

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And Just think......3 weeks ago......

Chelsea vs. Arsenal  (1:45 CST) would be a big A$$ match (#3 vs. #4 EPL) (Champions League implication$$$$$$)

but, Arsenal on a 3 week losing streak and they are looking like NFLX.

and are an also ran without a huge turn around........

For the rich: The Kronkes (owners Aresenal, LA Rams, et al) still have that LA Ram Super Bowl win

and that new big A$$ tax payer stadium in LA.

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Looking like another breakout failure. 

I've been so into the market today that I spent all day designing my kitchen reno.  

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The top of what will later be hailed as the greatest bear market in history...and no one showed up.

Smile...

We're coming out of the April 18-20 window, don't let the market lull you to sleep.

Not many seats left on the downtown bus and it's about to accelerate.  Personally speaking...I was strapped in by March 29th so I've got the front row.  My large fin requires it.

Gold? Bitcoin?  I don't know...I felt a couple of thumps as we took off from the last stop.

Best Regards,

The CoinGuy

oh...and...

MK...I read that response.  No offense intended?  I'll accept that. Take care.

 

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