6:30 AM Jan 3 – At least, so far this morning, looks like the monkey is getting choked, but let’s look again after the first half hour of regular trading in New York in 3 hours from the time I’m writing this.
Meanwhile, overnight, the Asians and Europeans were optimistic enough to push the ES, 24 hour S&P fugutures to a breakout of the right side of this rather awesome pattern that looks like a huge bottom going back a couple of weeks. But it also might be a consolidation on the way down. Normally, a pattern that looks like this ultimately breaks out topside, but in today’s environment, I wouldn’t want to presume. We won’t know for sure until they actually clear the range one way or the other.
The starting point for the bulls would be 3892. They gotta get through that first. If they do, the breakout would have a conventional measured move target of around 4010-15. If they don’t clear 3892 today, I’ll give my bear friends the benefit of the doubt. However, no clear win for them unless and until the get below the trendline now around 3800, approaching 3810 later today.
For moron the markets, see:
- Here’s Where Short Term Signals Either Confirm Bullish Or Else January 2, 2023
- Swing Trade Screen Picks – New Year R&R January 3, 2023
- Composite Liquidity Still Bearish, No End in Sight December 23, 2022
- May Gold Be Merciful Unto Us, Amen December 19, 2022
In addition to the above, I’ll have a gold update tomorrow, followed by a new Liquidity Trader Money Trends report focusing on December tax collections and jobs.
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