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Mange Bound Markets 05/15/23

This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

I’ve had a fantastic week of travel from home in Nice to Paris, to Berlin, to my previous home of Warsaw. I still love Warsaw, despite its foibles and the often shitty weather. It’s a great city. I like it much better than I liked Berlin.

But that’s not fair. I didn’t like Berlin all that much. On my list of favorite European cities, it ranks near the bottom. It’s interesting, definitely worth a visit, but I always size up cities with the view of, “Would I want to live there?” In the case of Berlin, the answer is no.

What to say about the market? My goodness, we’ve been going nowhere. But at least we’re doing it with alacrity.

The ES 24 hour S&P futures have been in a range for so long, I feel right at home with it.

It keeps making triangle patterns, breaking out, and then failing to extend the breakout. It’s as if they want you to think that the charts don’t “work” any more.

At the moment, around 7 AM NY time, they’re at a key resistance trend point around 4142-43. Bwaha. They can count. If they get through that, then 4148 is the next key resistance. Clearing that might get something going. Having been well trained to expect failure to launch, might this be the time they smack the bears? I don’t know. Prove it.

If they don’t break out, I’d look for the market to end the day at the great Dick Trickle Memorial Point of 4139 at 7 PM ET.

The DTMP will be at 4131 on Thursday.

Bottom line, the market is untradeable. Take some vacation days.

102gak

Meanwhile, the bond market has found perfect equilibrium at 3.50 on the 10 year. More on that and the impact on stocks coming up in a Liquidity Trader update to be posted later this morning.

102gex

Finally, here’s a weekly chart of gold. Is it settling in for a long consolidation, or will it just break out and leave everybody in its dust?

102gha

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