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At this writing, at 6:30 AM NY TIme, the ES, S&P 24 hour fugutures are down 16 at 4056. They’d need to be below . It’s not enough to break the uptrend. They would need to be below 4042 at the New York open to do that. And to create a reversal pattern on even just an intraday basis they would need to break 4003 at some point in the next day or two.
On the other hand, if they hold above 4045 and then break 4061, then the uptrend would be reconfirmed, and we start looking for 4080, 4090, and 4100 again.
The rally in the bond market is a shocker, given the strong jobs “data” on Friday.
The punters are punch drunk with RRP cash. They’ve withdrawn $225 billion since the end of October. And some of them are using it to buy shit. They still have 2 trillion in that slush fund, so you can imagine what I’m thinking, now that they’ve had a rebirth of ani-mule spirits. Bears Beware, Money Managers Are Finally Spending their RRP Slush Fund
Even BTC appears to have put in an intermediate bottom that could take it back to 19k or 20k, before resuming its trip to its ultimate target of 5000 below zero.
For moron the markets, see:
- Bears Last Custard Stand December 4, 2022
- Bears Beware, Money Managers Are Finally Spending their RRP Slush Fund November 30,2022
- Swing Trade Screen Picks – Read My Lips, No New Longs (A Few More Shorts) November 28, 2022
- Major Inflection Point Here to Determine Whether Bull or Bear November 28, 2022
- Gold and Miners, Pullback Looks OK November 23, 2022
- Fed Policy Will Stay Bearish Until It’s Too Late November 20, 2022
- The Repeal of Rule Number One, Don’t Fight the Fed November 14, 2022
- Bond Market Rally is Technically Valid but Belies the Facts November 12, 2022
- Bad News for the Markets – Not Just Withholding Boomed in October November 3, 2022
- Surge in Withholding Tax Collections in October Indicates Faster Jobs Growth November 2, 2022
- Bear Market Isn’t the Mirror of a Bull October 31, 2022
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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