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On the Comeback Trail 6/25/24

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Yesterday's late breakdown from a clear head and shoulders top pattern failed to generate any follow through overnight. Now it has been fully reversed. Such false breakdowns tend to have bullish implications in the short run. That's  tendency, not a guarantee. 

By the same token, the ES is still in a mild downtrend channel. It would need to break 5472 by the NY open, or 5468 by the close to break out of that channel and possibly start a new uptrend.

On the other hand, breaking 5442 should get the ball rolling downhill toward a conventional measured move target of 5410, based on the head and shoulders top breakdown. 


In the meantime, rangebound is as rangebound does. Yawn. Also grinding my trading port to mush while it's at it. Ugh. 

Trading ranges are meat grinders for swing traders, but great for good support-resistance band traders. I am not the latter. So I keep nibbling, positioning for the eventual breakout. Hope it's soon, because if not, there won't be anything left with which to trade. 😂😂😂

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This morning my swing trade screens of 1300 NYSE and Nadsac issues meeting my price and volume minimums, revealed 65 buy setups of which 6 triggered, and 82 sell setups of which a staggering 31 triggered.  

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There's a lot of deterioration beneath the surface of the averages getting whipped around by a few bee he moths. 

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