Good Morning. It’s May 35, 2020 and here’s how it looks today at 5:30 AM New York time.
Hourly ES
5 Hour Bars
The .786 fiber nacho reflux level of the entire selloff on the ES is 3131.74. The high of yesterday’s bar was 3129.50.
First bounce pivot high on the way down was 3137. There were also multiple trendlines around the level of yesterday’s peak. Of course, they’re all rising. But there was at least some reason to expect a pullback.
ES needs to close below 3087 today to break the 3 week uptrend channel on the daily. The uptrend line from the bottom is around 3030 today.
Give us this day our daily bars.
This is just the intraday stuff. For the big picture, including longer term trends, cycles, and price cycle projections see:
The Fed is no longer pumping enough money into dealer accounts to sustain bull markets in both stocks and bonds, and it has tried to steer investors out of stocks and into Treasuries. It doesn’t matter. Rising markets create their own liquidity until they don’t. It’s called margin. Technical analysis shows us the effects of that, tells us what the trend is, and indicates when it might be reversing.
The trend is up, and there’s no sign of reversal yet. However, after reviewing my chart pick screens I came up with twice as many shorts as longs. Is that my bias, or are those individual charts trying to tell us something, the first canary singing?
Here’s what we’re watching.
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10 Year Treasury Yield Look Out!
10 Year Treasury Yield broke its 13 week MA but has not yet cleared the range. Massive implications if it does. See:
The line items of the Fed’s Pandemic Panic Emergency Programs get a lot of media and anal cyst attention these days. What a waste of time and energy. Let me explain why.
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