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Orderly Erection Correction 2/27/24

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The action of the last two days in the ES, 24 hour S&P futures, looks like an orderly consolidation so far. There's still a 5 day cycle projection of 5050 hanging out there, and a cycle low isn't ideally due until Wednesday. That said, the hourly oscillators are acting like they want to bottom here. An end of day reading above 5080 would confirm an up phase.

Looking down, if they break 5050, that would signal downside acceleration. I don't even know if that's possible at this point. There are additional, more important spport lines around 5040-45. More likely, they'll get stuck in a 5050-5080 congestion zone today. 

Just as I finished this there was a spurt to bring the hourly indicators closer to buy signals. Not quite there yet, but New York traders are still sound asleep. Let's see what happens when they start opening their trading screens at their bedsides in the next hour. Meanwhile, it's up to the Euro peons.  Charts Say- All Important Monday


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Speaking of the euro, here it is overlaid with the S&P.  I'm a constant buyer of EUR, using this chart to try to time my purchases. As most of you know, I earn my living in USD and live in Euroland, so this is by necessity. 


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11 hours ago, DrStool said:

More likely, they'll get stuck in a 5050-5080 congestion zone today. 

Nailed it. Only slightly cleared 5080 in the after mock it. 

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1 hour ago, DrStool said:

My dating luck is changing. I shorted Bumble early in the day. It dropped a quarterly report turd after the bell. A big, humongous turd. 

Congrats! 🥳🎈

Short weakness, buy strengh.

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