Every time the bears look like they might get one off this week, they get squeezed. It’s 4 AM New York time, as I type this, that time of night where things happen, and here we are again. The ES 24 hour S&P futures are right at that line that must not be crossed. It’s currently at 3834 and turning flat. Bears need to break that with authoritah, or else we’re right back at the onset of yet another upsurge.
And if they subsequently don’t break 3825, then we still face the likelihood of another rally to new highs before the day ends. And even if they do break 3825, there would only be clear air down to 3800, where fools would again rush in, mostly remnants of the short brigade who will take the opportunity to cover yet again.
In “short,” the chart looks to be a long way from a sustained downturn in terms of the intraday time frames on which we focus here.
- Swing Trade Screens – Operation Extrication October 24, 2022
- Technical Signs Say Doubt This Rally October 23, 2022
- Signs of an Intermediate Bottom in Gold October 22, 2022
- Bears Beware, Treasury Buybacks Will Turn the Markets, Sooner Not Later October 21, 2022
- Swing Trade Screens – Overloaded on the Short Side October 17, 2022
- On the Edge of the Abyss, Can the Market Fly? October 17, 2022
- We Now Know When and Where Gold Will Bottom October 14, 2022
- We Can Now Project When Fed Will Pause, But Not Reverse October 13, 2022
- Look Out For the Real Fallout of Declining Withholding Tax Collections – Part 2 October 6, 2022
- Look Out For the Real Fallout of Declining Withholding Tax Collections October 5, 2022
- Markets Face Catastrophe as Dealers Mitigate Too Little Too Late September 26, 2022
- Fed Speeds Into Dead Man’s Curve, More Black Tuesdays Ahead September 15, 2022
- There Will Be More Black Tuesdays September 14, 2022
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