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This is it, right here. 3869. If that breaks, the baby dinosaur that has formed on the chart of the ES, 24 hour S&P futures over the past two days, will be euthanized. So sad.
The next likely stopping points would be either 3860, or the lows around 3833. On the other hand, if they hold back up we go to test the top of the range.
Obviously with the Fed on tap, the norm is for muted moves. Nothing happens in the stock market until the FOMC rubber stamps the rate market that leads the Fed, and then Jerome Powell spews a bunch of BS and lies about what they did and why.
It’s funny that the media talks about the Fed raising rates. The Fed never raises rates. The rate market goes up on its own because money is tight. The Fed doesn’t even catch up with the market.
In fact, the real money market is up 105 basis points since the last time the Fed “raised” rates six weeks ago.
So again, the next time you hear them say that the Fed has raised rates, recognize that the Fed has never, not once, raised rates in this cycle. It follows the market, and it has yet to catch up with it.
Meanwhile, the big picture:
- Swing Trade Screens – Restrained Bearish Instincts September 20, 2022
- What a Whipsaw! Here’s How Big The Move Will Be September 19, 2022
- In the Goldrums September 16, 2022
- Fed Speeds Into Dead Man’s Curve, More Black Tuesdays Ahead September 15, 2022
- There Will Be More Black Tuesdays September 14, 2022
- Swing Trade Screens – Trailing Stops Did Their Job To Preserve Profits September 12, 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- Has Rule Number One Been Repealed?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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