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Here’s What’s Next After the True Test Today 8/31/23

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.

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 

118dwg

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

118dyl

For moron the markets, see:

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