DrStool

Which came first? The chicken or the egg? Granville always said, "What do earnings have to do with the stock market? Absolutely nothing." Ah, but apparently there's a correlation.

I honestly don't recall ever owning or wearing a leisure suit. Banlon?

Have a great holiday. I'll leave this thread open for Friday, which will be a short day, closing at 1 PM ET. No one will be around. Joyeux Action de Graces, bonne nuit et bonne chance!

I got my first job on the Street in 77.

That's not me, but it is my Vega. Engine blew after 35k miles.

If they advertise it, you will come.

Why all the gyrations?

Happy Turkey Day to all my fellow Merkans. Tomorrow is just another day in la France but I will enjoy it vicariously with you as you celebrate with your families. Normally Wall Street pre-celebrates, and it's beginning to look that way on the hourly chart of the ES, 24 hour S&P futures, just before 8 AM ET. The 1 day cycle projection looks like 4560-65. If successful, that would imply a conventional measured move target of 4580-85. But let's not jump the gun. The market has reached an area of major resistance for the next 50 points. The first pivot level obstacle is 4557. Clear that, and more upside should follow. Don't clear it and be ready to wallow. Room to Run For moron the markets, see: Swing Trade Screen Picks – Holding Those Longs November 20, 2023 Room to Run November 20, 2023 A Rally Can’t Live on Hope Alone November 20, 2023 Gold Has Lost Its Mojo and Is Now in Danger November 14, 2023 Swing Trade Screen Picks – Loading Up on Buys November 13, 2023 Meltup Gonna Take You Hiya November 13, 2023 Fuggedaboutit! Treasury Supply Ain’t Going Away November 5, 2023 Which to Believe, the BLS or Actual Tax Collections November 3, 2023 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.

The flats are a third party spoiler because we don't know which way they'll vote.

Question of who blinks first. Shorts, longs, or flats.

This market is like an old guy who wants to do it but can't get it up.

Make up your mind already.

2:40 turn time 5 minutes late.

Actually, markets are often dull at the tippy tippy top.

Never short a dull market.

11:30 levitation hour.

Ya wohl.

Need to clear 4540 to reverse the pullback.

Another test of trend spport coming up.

No, this is not the end.

This is how it starts. Profits are taken. Doubts creep in. Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.

Clearing resistance is hard. The rally has crossed a range, parts of which the market has repeatedly traded through over the past 7 months. That tends to clear the range of both bids and offers, leaving a thin market that can be traversed easily. Now we've reached the hard part, the top of the range. Traders who have bought and held through this rally will enter their sell orders near the top of that range. Dealers will attempt to pre-empt them. Bears will start shorting near the highs. Buying momentum will begin to wane as the market has become extended and overbought. I'll illustrate this with a daily chart of the ES, 24 hour S&P futures. So we can expect the rally to end any day now. What happens after that, I will leave for the longer term Technical Trader analysis. Before the market opened yesterday I thought that there was Room to Run. Now we'll see. As our old friend LeeWhee reminded us, the more resistance is tested, the weaker it becomes. Now we'll find out if they have the powell to continue probing the resistance enough to weaken it for a subsequent breakthrough. Here, our focus is on the day to day, so let's return to the usual look at the hourly chart of the ES. The 5 day cycle has entered a down phase after hitting most projections. There's a band of spport around 4535 40 that will give us an idea of whether this down phase will go down in absolute terms or just go sideways as a consolidation before the next attempt to break out. For moron the markets, see: Swing Trade Screen Picks – Holding Those Longs November 20, 2023 Room to Run November 20, 2023 A Rally Can’t Live on Hope Alone November 20, 2023 Gold Has Lost Its Mojo and Is Now in Danger November 14, 2023 Swing Trade Screen Picks – Loading Up on Buys November 13, 2023 Meltup Gonna Take You Hiya November 13, 2023 Fuggedaboutit! Treasury Supply Ain’t Going Away November 5, 2023 Which to Believe, the BLS or Actual Tax Collections November 3, 2023 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.

5 day cycle projection 4575-95. Bonne nuit et bonne chance.

High base breakout measures to 4550.

I should really be enjoying this. I've been 100% long in my trading recos for the past 3 weeks and even making money long in my own day trades. My technical work on the market has been relentlessly bullish for nearly a month. Why does it feel so rotten?