Another day, another squeeze. Shorts are getting purged.
It’s ugly.
The 5 day cycle projection on the ES, 24 hour S&P futures has risen to 4045. If this base breakout sticks, it has a measured move target of 4105.
Multiple crossings of the 3900-4100 range has left it exceptionally thin, with fewer and fewer offers within the range. So we won’t really know just how strong the market is until the top of the range, or at least the downtrend line at 4060, is challenged.
I can’t wait till 8:30 to see how they react to weaker than expected CPI. Whoa Nellie.
For moron the markets, see:
- Swing Trade Screen Picks – 4 More Shorts. 4 More Shorts December 12, 2022
- Limited Supplies Delivered At Bear Custard’s Last Stand December 12, 2022
- Gold Hones In On New High Projections December 9, 2022
- Federal Tax Revenues Are Slowing December 6, 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
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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