DrStool Posted May 6 Report Share Posted May 6 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. For moron the markets, see: Swing Trade Screen Picks – Surprise Shorts May 6, 2024 Don’t Trust, Verify May 6, 2024 April Tax Collections Soared May 4, 2024 Gold Valley Rally May 3, 2024 The Fed Doesn’t Matter Any More May 1, 2024 Swing Trade Screen Picks – Hidden Gems April 29, 2024 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. Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 Don’t Trust, Verify LEE ADLER 2 - TECHNICAL TRADER MAY 6, 2024 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. Technical Trader subscribers click here to download the complete report. Not a subscriber? Get price and time targets, and weekly swing trade chart picks, risk free for 90 days! Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 Exit velocity achieved. Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 Multi trend convergence 5157-63. Likely stopping point. But look out if they get clear. Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 5 day cycle projection now looks 5170-75. Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 5 day cycle projection now looking 5150. The party may be over. Or may not. That is all. Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 Trendline test right here. Break, and sellers come in. No break, and buyers come in. Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 3 hours ago, DrStool said: 5 day cycle projection now looks 5170-75. And back to that. Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 Now looks 5085. Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 I don't trust this move. Does this look normal to you? Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 There are 4 trendlines between 5160 and 5170 and the market has cleared 3 of them. Don’t Trust, Verify May 6, 2024 Link to comment Share on other sites More sharing options...
Jorma Posted May 6 Report Share Posted May 6 My 21 minutes ago, DrStool said: I don't trust this move. Does this look normal to you? My first two lessons in spy school. Trust no one. Assume nothing. Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 The last line of da fence. Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 ES is way extended on 1 hour, 2 hour, 4 hour, and 5 hour bars. This is the 5 hour bars. Don’t Trust, Verify Link to comment Share on other sites More sharing options...
DrStool Posted May 6 Author Report Share Posted May 6 Bring back that peelin feelin Whoa that peelin feelin. Bring back that peelin feelin cause it's gone gone gone. Link to comment Share on other sites More sharing options...
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