DrStool Posted December 29, 2021 Report Share Posted December 29, 2021 Back in the old days, we used to call the pattern currently evident on the hourly chart of the ES (S&P Futures), Broadening Tops. Not any more. Now they are popularly known as megaphones. In recent years, they have always broken out to the upside. Frequently the ensuing move is equal to or greater than the height of the pattern at the breakout point. In this case that would be 280 points. If the breakout were to happen today, the breakout point would be around 4815. Do the math. I can't count that high. However, I will say that my Technical Trader reports as far back as last July. So I can rule it out. Here at the Stool, we're interested only in day trading matters. In that vein, the 5 day blowoff move from the latest V bottom seems to have subsided. That 4815 around the time that New York opens is a massively important resistance level. I say to you bears, if that line is crossed, abandon hope, all ye who enter here. Bulls, enjoy the party. It will probably be your last. And bears, don't even think about downside unless you see 4778 busted. Then you can think about it. Acting on it is something else. There are two support lines coming up below that. One is at 4776. The next is around 4760. Both are rising through the day today. We'll keep an eye on them. Meanwhile, the big picture. Holiday Wishes and Publication Schedule Get Ready for a Slow Moving, but Perfect Storm Gold Shows Every Sign of Doing This Now (and Forever) Is It Time to Quit if Your Chart Picks Crushed the Market Last Week? How to Tell When This Inconclusive Market Turns Dangerous 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 filter. Link to comment Share on other sites More sharing options...
DrStool Posted December 29, 2021 Author Report Share Posted December 29, 2021 Meanwhile, Cryto, How Low Can You Go? So about this 38,000 point trading range on Buttcoin (BTC). Consolidation or Top? First, before I tell you the answer, I want to say this about that. "38,000 point trading range." LOL There, now don't you feel better. OK, so the answer my friends, is blowing in the wind of crypto trader chat rooms. My answer is blowing out my you know what. It's a top. But certain things need to happen to support that view. The most important of those is that it needs to break down. Call me Captain obvious. The first support level that needs to break is 45,540 or fight, or 45,539 to be specific. Then the top view becomes a little more weighty. But we can see that BTC is at a fulcrum here, aka an inflection point. Up from here, and the bulls have the upper hand. But unless they clear 52,300 with force, they got nothin. And if it breaks the 200 day MA, which is now around 47,000, bears' ball. Link to comment Share on other sites More sharing options...
Jorma Posted December 29, 2021 Report Share Posted December 29, 2021 Pretty funny they are doing a bill paydown on the 31st. As if that money is going to buy Treasury coupons at 1.5% I can't imagine a worse investment. Looking at the big picture anyway. Link to comment Share on other sites More sharing options...
DrStool Posted December 29, 2021 Author Report Share Posted December 29, 2021 2 hours ago, Jorma said: Pretty funny they are doing a bill paydown on the 31st. As if that money is going to buy Treasury coupons at 1.5% I can't imagine a worse investment. Looking at the big picture anyway. Apparently they are worried. With good reason. Link to comment Share on other sites More sharing options...
potatohead Posted December 29, 2021 Report Share Posted December 29, 2021 1 minute ago, DrStool said: Apparently they are worried. With good reason. maybe they are worried about the Y2022k Bug? Link to comment Share on other sites More sharing options...
BurntOnce Posted December 29, 2021 Report Share Posted December 29, 2021 Frances' national anthem is my favorite. there's a patriotic arousing rendition in Casablanca. Link to comment Share on other sites More sharing options...
DrStool Posted December 29, 2021 Author Report Share Posted December 29, 2021 Something's happening here. What it is is exactly clear. Link to comment Share on other sites More sharing options...
DrStool Posted December 29, 2021 Author Report Share Posted December 29, 2021 Snore. Link to comment Share on other sites More sharing options...
MisFit Kid Posted December 29, 2021 Report Share Posted December 29, 2021 48 minutes ago, DrStool said: Something's happening here. What it is is exactly clear. "What it Is Is"........I did a double take on that.......Buffalo Springfield or Pres. Clinton......? 😉 Link to comment Share on other sites More sharing options...
DrStool Posted December 29, 2021 Author Report Share Posted December 29, 2021 Yes it is. Link to comment Share on other sites More sharing options...
DrStool Posted December 29, 2021 Author Report Share Posted December 29, 2021 The low is in. Link to comment Share on other sites More sharing options...
DrStool Posted December 29, 2021 Author Report Share Posted December 29, 2021 Link to comment Share on other sites More sharing options...
Mkucstars Posted December 29, 2021 Report Share Posted December 29, 2021 You call that a low? Rainbows and unicorns fo'eva! Stocks don't go down, not since March last year anyway. They're just teasing the bears. You know, it's not wise to tease those beasts. Too warm to hibernate this winter. Danger Will Robinson. Boy did they try to pull the legs off the gold bugs this morning. I was buying miners. Link to comment Share on other sites More sharing options...
Mkucstars Posted December 29, 2021 Report Share Posted December 29, 2021 Many of us don't speak, dear doctor, but we are listening. Link to comment Share on other sites More sharing options...
Jimi Posted December 29, 2021 Report Share Posted December 29, 2021 Heh Doc, How about Nice Port: https://www.french-riviera-property.com/en/detail-appartment-for-sale/8457-nice-port-2-bedroom-apartment-of-104-sqm-for-sale-ideally-located-crossing-harbour-view-balconies.cfm Link to comment Share on other sites More sharing options...
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