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Room to Run 6/27/22

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The bulls still have running room. The 5 day cycle projection on the 24 hour ES S&P fuguetures hourly chart is now 3980-3990. But there appears to also be significant resistance at 3955. We'll have to wait and see if they clear that. If they do, the drive to 3985 will be on.  At that point the round number magnet comes into play. 

Even if they stumble at 3955, they would still need to take out 3920 and 3890 to get anything going on the downside. The odds of that happening today are low. 

I'll start with the 2 hour bar chart for perspective. 

tvc_53705a1f0c3c359e3b3fea0beb3a8e69.png

The base breakout has a conventional measured move target of 3980, matching the 5 day cycle projection. 

Here's the hourly bars look.

tvc_9a35b836ed8fea8d3cf0fb4115a9d284.png

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5 hours ago, DrStool said:

BTC lagging stocks but on the cusp of a short term buy signal. 

tvc_d7bafdebf95b60ed35ccf180ec1164bf.png

Still cusping out. It's a cusp squeeze. 

Turtling. 

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If they don't drop under 3900 this afternoon, the 5 day cycle projection will be 4000. If they do drop below 3900, then the 5 day cycle is turning down. But it may only go sideways for a day or two before a new up phase. 

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Would Sir Prize me a lot, if they would not try to safe the quarter/ half year at least somewhat at almost any cost and then create that warm and fuzzy feeling above 4k for the 4th of July.

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Just now, DrStool said:

Croatian Vacation. 

Chevy Chase movie.

I'm sure you were shocked by the prices. 

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2 hours ago, DrStool said:

If they don't drop under 3900 this afternoon, the 5 day cycle projection will be 4000. If they do drop below 3900, then the 5 day cycle is turning down. But it may only go sideways for a day or two before a new up phase. 

looking at today's 5 minute chart, they must know too......

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3 hours ago, DrStool said:

If they don't drop under 3900 this afternoon, the 5 day cycle projection will be 4000. If they do drop below 3900, then the 5 day cycle is turning down. But it may only go sideways for a day or two before a new up phase. 

Gonna pin it on 3900. 

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