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"A" Bottom Is In 5/11/22

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A bottom. Not THE bottom. 

But how big a bottom? Meh, not that big. If the ES 24 hour S&P futures futures clear 4050, then we'd be looking at 4070 pdq. There are three resistance lines converging around 4070-75, so the odds don't favor clearing that. But if the do clear it this afternoon, then we'll see some giddyap. 

Conversely, a rollover below 4060 should have them testing the low very quickly, and possibly breaking down. Especially if there's a weak bounce off the test of the low.  

tvc_489665c78455e43f95c03d554faf9f81.png

Also, always remember that the Round Number Magnetron should be a powerful attractor in both directions. 

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For the big picture:

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It was 80 degrees at midnight in Michigan last night. It's never 80 at midnight in Michigan. It's rarely ever 80 in Michigan in May at all.   Adding to the feeling that things just seem, off.

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4 minutes ago, Jorma said:

It was 80 degrees at midnight in Michigan last night. It's never 80 at midnight in Michigan. It's rarely ever 80 in Michigan in May at all.   Adding to the feeling that things just seem, off.

very weird indeed as it was 59 last night in Montgomery alabama (lower case intended) ...

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Check out the 5 hour bars on this. Epic, relentless lower highs and lower lows. Illustrating Rule Number Two. The trend is your friend. Not to mention Number 1, Don't fight the Fed. All you need to do is follow Rule Number One and Rule Number Two comes easy. 

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