Welcome back, Stoolies! Time to get back to bidness.
Seems this morning that all are waiting in trepidation for something. Bulls are terrified that Friday’s double bottom will drop out. Bears are equally terrified that it will hold and trigger a massive short squeeze.
The market isn’t tipping its hand yet this morning after 3 hours of European trading. The euro crowd is waiting on the merkins to send smoke signals across the pond. Even the hourly oscillators are stuck on dead neutral.
So we key on the resistance and sport levels. To get anything going on the upside at all, the boyz must drive the ES, S&P 500 24 hour futures, well clear of the first resistance area, 3961 – 3966. If they did that, they could pop to 4015 and set up a bigger bottom for a more sustained rally if they hold it together early this week.
Sport levels to watch on the downside are 3928-3920, and 3910. Take those out and the ball could start bouncing down the steps. It probably wouldn’t be straight down at first. Too many sport lines that would trigger short covering on the way.
This is just the very short term stuff. For the big picture check out the posts below.
- Swing Trade Screens – 13 Picks, All Shorts, All Winners September 5, 2022
- Technical Analysis Confirms the Brutality of Liquidity September 4, 2022
- Withholding Tax Collections Collapsed in August But BLS Data Won’t Show It September 2, 2022
- Swing Trade Screens – Good Week For Our Shorts Last Week, Adding More Now August 29, 2022
- Freak Out Now Before It’s Too Late August 29, 2022
- Warnings of August Liquidity Crash Come to Fruition – Here’s What to Do August 28, 2022
- Gold Miners Swing Picks August 26, 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- Has Rule Number One Been Repealed?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
- Withholding Tax Collections Solid in July, But Here’s Why the Party is Over August 2, 2022
- The Bond Rally That Fooled The Majority And Didn’t Help Dealers July 27, 2022
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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