DrStool

That was cute. All of the market's gains came in a nanosecond after the closing bell last night. But they were prepping for it. The dealers had a heads up and shook the trees early in the day to gather the low hanging fruit to add to their inventories. Everyone else seemed to get the memo throughout the day. And so we had a chart that looked like this. The chart is a mess. The ES, 24 hour S&P futures are coming off a 5 day cycle low. The up phase should last until Tuesday or Wednesday. But there's no indication yet if it will gain momentum and result in an upside breakout. That seems more likely than the alternative of a stall here, with an early downside reversal, but the signals are mixed at this point. For today, there are no clear up or downtrend channels to work with either. The trend spport line to watch runs from about 5070 at 8 AM ET and extrapolates to around 5085 at the closing bell. They'd need to break that to gain a toehold on the downside. On the upside, they'd hit resistance in the 5110-15 area. Clearing that would complete a nice base with a measured move implication of around 5225 +/-. I run daily screens for my own swing trading and they're not giving much either. Very few trigger signals either way. We're still in the bullish post April 15 seasonal liquidity period, where tax collections result in big T-bill paydowns. Those paydowns are more than enough to fund a big end of month coupon settlement. Watch Closely as Warning Signs Abound For moron the markets, see: Gold to Hibernate Till Winter April 24, 2024 Watch Closely as Warning Signs Abound April 23, 2024 Swing Trade Screen Picks – Perking a Long April 22, 2024 Swing Low Sweet Chariot April 22, 2024 One More Rally To Go April 17, 2024 Warning Signs Abound, But Ignore Them for Now April 16, 2024 March Withholding Tax Collections Actually Stunk April 5, 2024 Banking Data Says This Is Last Hurrah for Stocks April 3, 2024 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 folder.

Having a WTF moment in the afterbirth.

Well, coming into the clothes and the 5 day cycle low is in. Now for the next few days, we get to see what they got. It's set up for an extended upleg. Anything less than 3 days and advantage goes back to the bars. Calling it a nite. You're a nite! Bonne nuit et bonne courage!

It worked.

Hello Push! Meet Shove!

REscue operations have commenced.

Panic now. Avoid the rush.

Maybe even 4920.

5 day cycle projection 4930, wow.

The base breakout has been obliterated. Now we start over.

4 day basis 5 day cycle projection 5005.

Looks like a trip to Hawaii Five Oh

10 Year Yield hourly on the GDP print. Watch Closely as Warning Signs Abound

But will it stay that way. The uptrend is intact on the ES 24 hour S&P futures, but so is a little downtrend. Today, they'll battle it out. The uptrend line to watch rises from 5037 to 5048 from 5 AM NY time to the NY close at 4 PM. If that holds it's bullish. If it breaks, the downside may or may not open for greater losses. The top of the downtrend channel drops from 5068 to 5057 over that time. Clear that, and more upside becomes likely. The two opposing channels create a triangle pattern with the tip at 8 PM ET, at 5053. That will act like a black hole, with the intense gravity pulling the price action toward the singularity. To avoid the event horizon by 2:30 turn time, the ES must break one of those two trendlines. A 5 day cycle low is ideally due this afternoon. If there's no breakdown early, and especially if the trendline holds, I'd look for explosive upside. Swing Low Sweet Chariot For moron the markets, see: Gold to Hibernate Till Winter April 24, 2024 Watch Closely as Warning Signs Abound April 23, 2024 Swing Trade Screen Picks – Perking a Long April 22, 2024 Swing Low Sweet Chariot April 22, 2024 One More Rally To Go April 17, 2024 Warning Signs Abound, But Ignore Them for Now April 16, 2024 March Withholding Tax Collections Actually Stunk April 5, 2024 Banking Data Says This Is Last Hurrah for Stocks April 3, 2024 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 folder.