Well I just filed my tax return. Phew!
Meanwhile, the market is taking a breather. 5 day cycle indicators are headed down but the index is only going sideways. That’s typically bullish. There’s still an unmet 5 day cycle projection of 4200 and in the last hour the ES fucutures just bounced off trend support at 4157.
$78 billion in Treasury coupons settled today, but the Treasury already funded all of it with massive T-bill paydowns last week, and this is Fed MBS settlement week, with another slice of $122 billion settling today and the rest Thursday. The bulk of it is done. The market is absolutely awash in cash.
https://liquiditytrader.com/index.php/2021/05/06/heres-why-we-should-sell-in-june-before-the-swoon/
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