But opposite reaction. Except in the stock market, where it’s up the stairs and down the shaft.
For the past two days, bulls got the shaft. Today, maybe they restart the escalator.
The 5 day cycle projection on the ES 24 hour S&P futures had been sticking around 4360 all day yesterday. No matter. At the end, they got the shaft. The projection has dropped to 4320. They got to 4324 last night. Since then they’ve been walking it higher. The selling is washed out. Maybe for today, a few days, or a long time. Hard to say.
5 day cycle duration has been compressed lately. Higher amplitude, shorter duration. On the basis of a 4 day expression, we’d get a little more bottoming action this morning, then 2 up days. Will the up days be rocket rides or just bumpy consolidation. Don’t know. A rebound to around 4366 looks to be in order, but if they stall at 4340 or so, the meltdown should resume. The 4324 area is spport. Then below that, around 4305. Here’s how it looks on the hourly.
Now, we need to be cognizant of just how critical a support level is the 4324 area. So I will zoom out to 5 hour bars. We are flirting with an absolutely massive top pattern breakdown here. The implications of a breakdown would favor the bears big time. Shape of the 6-month Cycle Bottom
Meanwhile, news footage of the Hindenburg disaster. Oh the huge manatee.
Which mirrors the 10 year Treasury yield. We’re looking at a short term target of 4.70, which won’t be the end of it.
For moron the markets, see:
- Gold’s Flat Squeeze Tightens September 21, 2023
- Screen Picks – An Awful Week, But Hold On a Minute! September 18, 2023
- Shape of the 6-month Cycle Bottom September 17, 2023
- Here’s Why This Stuck Market Is Not Surprising September 13, 2023
- Beware! Jobs Really Much Weaker Than They Say September 4, 2023
- Here’s Why This Is a No Clickbait Market for Primary Dealers August 24, 2023
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