That’s right. The ES, 24 hour S&P futures are down 0.1% this morning as of 6:45
AM ET. A 5 day cycle projection of 4100-4105 suggests that the market could break the overnight low of 4107. So be prepared for that. We’re now 4 days into a 5 day cycle. The low could come at any time today or tomorrow.
The numbers to watch:
On the upside for resistance 4128 and 4130. If those are cleared, then 4140 and 4149. Clear those and it will be off to the races to 4188 again.
On the downside, there’s a sport level at 4107, and descending trend sport at 4105 as NY opens and 4102 at the close. If they get busted, bears can run with it. There’s One Key this Week to the Stock Market Outlook
4107-4127 is snoozeland.
Meanwhile, over in bond land, we wait for a breakout signal. The Big One is Coming
Who doesn’t like gold here? Check out this long term weekly chart. Gold Is on the Brink
That’s all for now. I’m going sightseeing. Here’s the view from my hotel.
That’s the Berlin TV Tower. Tourist attraction. Built by the Commies.
I think I’ll stay on the ground.
Until we meet again, Alf Veeder Zayn, chairman of the Berlin Stock Exchange, wishes you Guten Tag und viel Glück.
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For moron the markets, see:
- Swing Trade Chart Picks – Buy Side Wins This Week May 8, 2023
- There’s One Key this Week to the Stock Market Outlook May 7, 2023
- Gold Is on the Brink May 5, 2023
- Weak Real Time Withholding Taxes Set Up a Showdown May 4, 2023
- The Big One is Coming May 3, 2023
- Gold’s Lost Luster Will Shine Again April 25, 2023
- Enjoy the Market Mirage Now Because We’re Really In a Desert April 24, 2023
- The Fed’s Circle Jerk, is ‘Twerking? April 18, 2023
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
