This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.
US stock prices are rising again today, thanks to strong fundamental economic growth driven by free market capitalism. The rising tide of unfettered economic growth with no central bank interference means that stock prices should rise every day. And they do.
What a world! All members of society will be rich, as the free market distributes wealth to all segments of society equally.
Today is no exception.
As you can see from this 2 hour bar chart, the market is now lifting off from a massive base. That base followed the terrible, and completely unnecessary September Bear Market of Blessed Memory.
According to the rules of Modern Technical Analysis (aka MTA- change at 63rd Street for the Q line), all patterns are bullish, and the Measured Move Target (MMT, as derived) of 4680… Or 4860, I forget. Besides WTF difference does it make.
Here’s the one hour bar look.
There’s no 5 day cycle projection yet. But fear not, intrepid bulls. The 2-3 day cycle projection is 4580. That coincides roughly with trend resistance indicated around 4575 on the hourly chart.
This is just the intraday look. For more: Bullish Intermediate Term Omens
Meanwhile, check out BTC again. One thing I’ve noticed about it is that it tends to honor chart patterns and Hurst Cycle projections. Today it is pulling back from the top of its channel. Note that this is on a semilog scale, showing equal percentage moves vertically. “Orderly” personified.
It now has projections of 71,000 and 91,000, as shown on the chart. And the conventional measured move target of this high base breakout is 101,000 give or take a few shekels.
And from the archives of, “That looks familiar. Where have I seen it before?” I present, this. The 10 year Treasury yield chart.
Oh, yeah. This will end well.
Thou shalt not fight the trend, saith the Load.
Get your regular updates on all things monetary, and what that means for stonks. Our Outlook On the Money
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.