OK. That’s extreme. But it’s a down morning. That’s something. On the other hand, the 5 day cycle projection of 4433 on the ES 24 hour S&P futures has been exceeded and a sport level at 4425 is still holding this morning. If that’s broken, then we might see some downside. The next likely target would the be 4410.
On the other hand, if this holds, they would still need to clear 4435 and then 4442 to get anything going on the upside. Until either of those, snoozefest.
I’m heading out to enjoy Norway! Later!
Oh, wait, one more thing.
The bond market is starting to be a problem as the onslaught of supply is finally taking prisoners. This move on the 10 year Treasury Yield looks 4.20 friendly.
For moron the markets, see:
- It’s Not Your Daddy’s Liquidity Anymore July 5, 2023
- June Was Stellar but Whiplash Injury Hurt July 3, 2023
- Growing Stronger Every Day July 3, 2023
- We Now Know What is Driving the Rally June 20, 2023
- Gold Gets Nearer Important Cycle Lows June 18, 2023
- The Fed’s Slush Fund is Working June 16, 2023
- Investors Breathe Sigh of Relief But D-Day Is Now June 6, 2023
- Incomprehensible, That’s What You Are June 2, 2023
- Modestly Hedged Dealers, Record Short Hedge Funds Suggest Disaster Ahead May 25, 2023
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