Just when bears thought it couldn’t get any worse, so it has to get better, this happens. As of 6 AM ET (New Yak) the two hour bar chart of the ES, 24 hour S&P futures, features another bullish low in a consolidating uptrend that is now 2 months long.
Ugh.
Now, is it certain that this will actualize into another upleg? No. But I’ll show and tell you what needs to happen to prevent it from doing that, below this chart. And I cover the big picture for you technical types here.
Next is our usual hourly chart view for you. It isn’t so bullish. Bears merely need to take out trend sport around 4116 this morning to prevail. But if they fail, then we need to keep an eye on the downtrend line heading for 4138 this morning. If that holds, bears would still be in the game. But if not, this thing will be up, up and away.
Over in bond land, bulls are threatening to regain control. They merely need to get the 10 year yield back under 3.50 and they’ll have it. Liquidity conditions are now very bullish short term for the bond market, and we should worry that that will also spill over into stocks.
Meanwhile, Gold’s hourly chart is a holy mess. It could turn into a nice bottom if they clear 2025. Otherwise more correction ahead. I’m not too optimistic in the short run, but I like the way it looks longer term.
For moron the markets, see:
- Swing Trade Chart Picks – Four More Buys, Four More Buys April 20, 2023
- Is Gold Still Ticking After This Licking? April 19, 2023
- The Fed’s Circle Jerk, is ‘Twerking? April 18, 2023
- Here’s How This Week Will Show Whether Bulls or Bears are in Trouble April 17, 2023
- Here’s How We Know That Doom Has Already Arrived April 6, 2023
- Macro Liquidity Says No Way Jerray! April 4, 2023
- How to Play When Fed Changes the Game, Not Just the Rules March 19, 2023
- Systemic Meltdown Under Way As Dead Bodies Finally Start Surfacing March 12, 2023
- Here’s Why There Will Never Be Bull Markets Until This One Thing Happens February 26, 2023
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