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High Base Breakout, But Hold Your Horses 11/29/23

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Yes, the ES 24 hour S&P futures have broken out here in the pre market. But the conventional measured move implication is only 4590, because the base is so shallow.  That's also the area of a couple of trend resistance lines in the first couple hours of regular NY trading. Now, if they clear that, then I'd get excited if I was a bull. 

Which leads me to wonder what you call someone who is long stocks, but hates it? 

Anyway, this thing is due for a 3 and 5 day cycle high this morning, so the odds don't favor an extension of the breakout. Maybe after consolidating or pulling back over the next day or two. But that's putting the cow ahead of the horse. 420 Friendly Market Just don't inhale too deeply.


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