Pause That Refreshes the Vertical Assault

After 6 consecutive up-days, today is setting up to be a Turnaround Tuesday that should represent a pause that refreshes the vertical assault-- a period measured in hours-- prior to a resumption of strength. 

The extremely powerful momentum surge that propelled last week's upmove created a draft of very powerful tailwinds that will arrive sooner than later, and as such, any "refreshing pause" likely will be short-lived prior to another thrust that in ES challenges key resistance at 4415 to 4440 in route to 4480 to 4500 (see my attached chart). 

At the moment, my near-term pattern and momentum work leave open the possibility of a swoon into the 4320/40 support zone as a worst case pullback scenario prior to my expectation of a new upleg within the larger-developing advance off of the 10/27/23 low at 4122.75... Last is 4376.25...

As for UBER, it reported a convoluted, mixed bag of earnings earlier this AM, the net result of which popped the stock to a post-10/26 marginal new rally high at 49.30 (off of 40.09), which my nearest-term pattern and momentum work indicate completed the most recent upleg (see my attached chart). My pattern work now expects a period of pullback toward or into the 43.00-45.00 support zone prior to the resumption of strength that propels UBER to revisit its August 2023 high-zone at 51.50-52.70... Last is 47.49...


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Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

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