Menu Close

Engage Round Number Magnetron 5/9/22

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.

Chart traders like round numbers, and they’ll set their algos accordingly. Shorts will set orders to cover at ES 4000, and bulls would like to buy there. So look for 4001 on the ES 24 hour S&P futures, and around that number on the cash. 😉

In fact, that’s what the 5 day cycle projection points to. Wait for it. Wait for it.

First they need to break a few trend sport levels. Like 4040, 4020, and 4005. On the upside, if they push it through 4100, bulls’ ball.

tvc_9a7bf946b634726d59b3c5ed7e8903f1.png

 

Meanwhile, buttcoin, continued its slow irregular track to its top pattern breakdown measured move price objective, and intrinsic value, of zero.  If it doesn’t stop dropping right here at 33,600, the proximate target would be 30k, and it should get there fast.

tvc_0592d4e1de661e81c385856cc3b73f9d.png

Meanwhile the US Central Bank is about to start removing doodahs from the world banking system, while the European Central Bank hasn’t even thought about it yet. So the currency of the ECB, aka the geuro, which you can get on pita bread with tomato, onions, tzatziki, and fries, keeps getting cheaper for holders of US American doodahs. Next stop on the geuro is $1.04, and when they break that, the only question will be how fast it gets to parity, or party, with the doodah.

tvc_240156c7a436020e8b76b9ef7af0150c.png

But the real catastrophe of the day is this one. If you own bonds, I can only ask WHY WHY WHY! I’ve been inveighing against them for 18 months!

The 1 year cycle projection on the 10 year Treasury is now 3.55.

tvc_f8fbf9667e5c5db159c21f10f8856ab8.png

If you’re serious about the underlying forces of supply and demand that drive the markets, join me!

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.

For the big picture:

Join the conversation and have a little fun at Capitalstool.com. 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.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RSS
Follow by Email
LinkedIn
Share