That’s the 5 day cycle projection on the ES, S&P 500 futures, this morning at 10:30 AM in Western Europe, 4:30 AM, in New York, before the first traders are stirring their coffee. To get there, the bulls first must clear resistance indicated at 4595-4600.
If they can’t, and this thing starts to roll over from there or below, bears should not rejoice. Support projects to around 4570-75 in the early going in regular NY trading hours. If that gets taken out, then we can talk. For now, the bulls have the upper hand until proven otherwise.
Although, this gives me the expectation that the bears may yet prevail.
I know — mealy mouthed, mushy, non forecast.
Meanwhile, back at the bond market, the chart of the 10 year yield looks bullish as hell. Bullish for yield, bearish as hell for bond prices.
Below is the weekly chart of the 20 Year Treasury Bond ETF. Oh, the humanity.
This, ultimately is bearish as hell for everything. Historically, stocks have lagged bonds by 4-6 months. But this bond bear market has been going on for 20 months. When will it matter? Soon.
Again, meanwhile, crypto Tro lo lo. Until BTC breaks 44 oh oh oh.
Finally when will the US Dollar bears have their day? Maybe soon. A couple of intermediate term cycle projections point to 99.75 on the DXY.
But then again, the dollar has a history of interminably long trading ranges. Even after it hits that target, a bear market is not a given.
Oh, excuse me, just one more thing, if I may. Will gold ever emerge from this base?
Click here to follow along and find out.
For more on the bigger picture:
- Holding Longs, Adding Shorts April 4, 2022
- Market Still in “Fool The Majority” Mode April 3, 2022
- Why March Withholding Taxes Showing Red Hot Economy Is Bearish April 3, 2022
- Gold Can’t Hold March 29, 2022
- Fragile and Dangerous Semi Blind Spot March 28, 2022
- Screens Be Nimble, Screens Be Quick – They Were! March 27, 2022
- Here’s Why This Will Be “The Rally that Fools the Majority” March 26, 2022
- Seven and a Half Weeks of Bullish Liquidity Ahead March 19, 2022
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