I wish you the best possible holiday under the circumstances.
At least there’s finally light at the end of the tunnel, as long as we get to the other side of this black hole on January 21. I’m not entirely sure that we will.
The stock and bond markets also seem to have some doubt. The 10 year yield tested the recent high yesterday. It’s didn’t quite get there, and today has backed off a hair.
But we’re on the brink.
I update this chart and others regularly in the Liquidity Traderreports. It’s pretty critical stuff.
Meanwhile, today’s ES fucutures chart is still full of criss crossing channels. I’d be surprised if there’s much movement in today’s half day session ending at 1PM in New York, so that Wall Street can get out of town early.
Ho Ho.
I would note that cycle projections have been utterly useless over the past couple of days. The moves are news driven, mostly when the news is at least mildly surprising, even if it shouldn’t be.
At the moment, near 7:10 AM in NY the ES has edged below an uptrend channel, possibly establishing a new downtrend channel. They only need to break through 3691 this hour to invalidate that. The trendline drops to 3689 in the first hour of NY trading.
The next step for any upmove would necessarily be to clear 3695, and then, finally 3770. That would put the ES on course for a move to 3720.
But if that new trendline stays intact, then the targe could be 3675-80. It would only get interesting on the downside if they dropped below that. Then Monday could be fun.
Those are the possibilities. But the most likely scenario is for prices to trickle sideways.
Stay safe and enjoy your holiday. And to
The few, the proud, the Stoolies,
I thank you for your interest in my random observations as I chronicle my thoughts. I look forward to hearing more, from more of you, someday!
Djien dobry!
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