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I was looking at the charts of a couple of European bourses this morning. Some pretty nice looking bullish bases over the past few months are on the brink of breakouts. Keep an eye on those this week and next. Could be a signal for the US, which is hopelessly mired in a seemingly endless and incomprehensible trading range.
As for our hourly chart of the ES, S&P 24 hour futures, I have no idea what to think. There are no recognizable time cycles. Each wave has a different duration. There are some higher lows and some lower lows. Some higher highs, and some lower highs. Positive divergences and negative divergences. Indicators completely out of sync.
One thing that may or may not be a tell is that over the past week, the cycle oscillators have stayed above the zero line and momentum has been mostly above that line. That tilts toward, but doesn’t guarantee a bullish resolution.
This is just one of those markets where you pays your money and you takes your chances or just sit on the sideline until this mess resolves, hopefully, allowing enough time for recognition and entry.
Zooming in to 30 minute bars, I ask, “Is it a top or is it a bottom?” I don’t know yet.
Working on a Federal Revenues update to be posted later today at Liquidity Trader. We’ll see how the US economy and jobs really did in December.
For moron the markets, see:
- Gold Has Begun a Cyclical Bull Market January 4, 2023
- Here’s Where Short Term Signals Either Confirm Bullish Or Else January 2, 2023
- Composite Liquidity Still Bearish, No End in Sight December 23, 2022
- May Gold Be Merciful Unto Us, Amen December 19, 2022
I am working on swing trade screens right now for posting before NY opens. I’ll have a gold update tomorrow, followed by a new Liquidity Trader Money Trends report focusing on December tax collections and yobs man.
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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