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More Snorebell 5/23/23

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.

Yesterday I wrote:

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I’d be more bullish if this were a 5 day cycle low juncture. But that’s not ideally due until Wednesday. The problem for bears here is that if there’s no breakdown, by Wednesday, it would set up another squeeze.  Non Functional GPS Market

We had a minor break overnight, so it appears to be headed into that expected 5 day cycle low tomorrow. Ideally, today would be a down day. But the market has yet to show the capacity to decline meaningfully. This morning the test will be at 4188 as of 5 AM NY time.

If they manage to achieve the modest goal of breaking that, then we’d still be looking at sport levels at 4175 and 4170. Woopdedoo.

If these levels or a reasonable facsimile hold, then I’d expect to see them test the highs again, but no breakout today. Cycles would be more conducive to that later in the week.

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I do not believe that there’s enough liquidity in the market to support a bull move in stocks unless major investors are rotating out of bonds. Looking at the 10 year yield, that seems to be happening, although they face tests at 3.75 and 3.90. The Most Widely Forecast Economic Disaster In History

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Gold has been trying our patience for a dozen years. What else is new. 1957 is obviously an important sport level on the daily. If it breaks, next stop 1935. And if that breaks, you don’t wanna know.  Gold’s Immaculate Correction

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For moron the markets, see:

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