The market moved sideways overnight. The ES, 24 hour futures have broken the sharper uptrend channel, but remain well within the next larger one. Hourly oscillators are on the sell side, correcting some as the futures went sideways.
This is typically bullish, but we’ll see what happens as the channel trendline is tested later this morning. As of 5:30 AM ET, that line is at 4499. It moves up to 4508 in the opening half hour and 4520 at the NY close.
If it stays above that line, hard to say how high this will go. 5 day cycle projection looks like 4555. First conventional measured move implied target is 4580. Another at 4590, and finally, 4665. Put that in your pipe and smoke it. Last Week Was Solid, Adding Longs Now
Over on the yield front, the pullback in the 10 year Treasury yield is in full swing. We’re at a key spport level test at 4.10 now. We await the trend test at 3.93-.95 over the next few days. Git yer bargain Treasuries rot hyah! Here’s Why This Is a No Clickbait Market for Primary Dealers
For moron the markets, see:
- A Soft Round Bottom, or V for Violence August 27, 2023
- Here’s Why Gold Needs 2020 Vision August 25, 2023
- Here’s Why This Is a No Clickbait Market for Primary Dealers August 24, 2023
- Weak Week but List Stays Net Positive August 22, 2023
- One Banking Indicator Is Flashing Bright Red for Stocks August 16, 2023
- More Supply is Just a Lie But Withholding Weakens August 4, 2023
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