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Crawling Up the Trendline 5/6/24

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The ES, 24 hour S&P futures is crawling up along an uptrend channel line this morning. The line runs from 5140 at 8 AM ET to around 5170 at the NY close. They'd need to break that for starters to even think about starting a top pattern. Otherwise, we are looking at a 5 day cycle projection of 5200 and a conventional measured move implication of 5215. 


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More proof is needed before we can relax in the view that a 6-month cycle up phase has begun. A strong up day could get the ball rolling, and suggest loading up on the buy side for swing trade purposes. Otherwise, a two way street would allow playing both directions. That is, look both ways before crossing. Here are specific things to look for as triggers. Non subscribers click here to access.

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Bring back

that peelin feelin

Whoa that

peelin feelin. 

Bring back that peelin feelin

cause it's gone gone gone. 

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