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It looked like a coordinated intervention in Europe this morning, starting around 9 AM Central European time, which is 3 AM in New York. They ramped it pretty good until the ES S&P 500 24 hour fuguetures ran into resistance right at the top of the range of the last two days. Magically, sellers appeared.
I remarked yesterday that Friday’s late low looked like a 5 day cycle low and that we should expect a little pop and churn for a couple of days. So far, that looks like a good call. And if they can’t take out the high, when the ultimately take out the low later today, it’s gonna be ugly. For starters, they’d need to take out 3665, and then take out the low at 3645. That would really get the ball rolling downhill.
How far down is down? Talking about the next day or two only here, a projection derived from the 5 hour bars suggests 3500. On the other hand, if they break through the top of this range at 3715, the next upside target would only be 3750.
Again, just from a day trading perspective.
Meanwhile, back at the big picture:
- Stock Market in Crash Mode September 26, 2022
- Markets Face Catastrophe as Dealers Mitigate Too Little Too Late September 26, 2022
- Swing Trade Screens – Restrained Bearish Instincts September 20, 2022
- Small Comfort for Gold Holders September 23, 2022
- Fed Speeds Into Dead Man’s Curve, More Black Tuesdays Ahead September 15, 2022
- There Will Be More Black Tuesdays September 14, 2022
- Withholding Tax Collections Collapsed in August But BLS Data Won’t Show It September 2, 2022
- Warnings of August Liquidity Crash Come to Fruition – Here’s What to Do August 28, 2022
- Has Rule Number One Been Repealed? August 18, 2022
- “As Good as It Gets” Was Good While It Lasted August 6, 2022
- Treasury Confirms Supply Tsunami We Expected – Will Obliterate Everything August 3, 2022
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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