Look at this chart of the ES, 24 hour S&P futures. It’s garbage. Utterly useless garbage. Completely incoherent.
But it tells the story of the current market. Babbling incoherence. The ravings of madness.
I doubt that it will make sense until it breaks out of this range with room to spare. And even then I question how long a trend will persist.
Of such doubt, perhaps a major move may be born.
We don’t know and neither do they.
But I attempt to analyze the intraday pattern, and it says that the 5 day, 2-3 day and 1 day cycle projections all point to 4065 which was already exceeded. The next sport level would appear to be 4050. If that doesn’t hold, we may be in Crash City.
Meanwhile, the 10 year Treasury is getting crushed. No surprise there..
For moron the markets, see:
- You Can Now Follow the Diabolical Usual Suspects February 16, 2023
- One Gold Indicator Needs to Whipsaw or Will Signal a Secular Top February 14, 2023
- Swing Trade Screen Picks – Meat Grinder Prevails February 13, 2023
- How Bears Could Take Charge This Week February 13, 2023
- US Treasury Throws A Shocker to Reverse the Stock Market Outlook February 9, 2023
- Composite Liquidity Should Be Bearish, Here’s Why It’s Not Right Now January 26, 2023
- Withholding Taxes Fell Sharply in January February 3, 2023
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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