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Where she stops, nobody knows.
There’s been no follow through on Friday’s selloff this morning.
Yet. A 2-3 day cycle projection of 4450 was hit. A 5 day cycle projection of 4425 is still out there. And there’s no 5 day cycle buy signals on the hourly oscillators yet. A couple of up hours would trigger, but for now, the downside risk is still active. 4446.1 is the number that they need to break on the ES, 24 hour S&P futures to really get rolling on the downside. That would open up a massive move to the next spport level of 4440. Or fight.
On the other hand, if they hold above 4447 this morning, and then break out above 4460, the target would then be resistance indicated around 4480-85. If they get through that the top of the range around would beckon. Shape of the 6-month Cycle Bottom
Meanwhile, watch that 10 year yield. It has edged out to a new high this morning, after absorbing a monstrous coupon settlement on Friday. There’s more supply where that came from, so guess which way this is headed, regardless of what happens over the next couple of days. Here’s Why This Stuck Market Is Not Surprising
For moron the markets, see:
- Shape of the 6-month Cycle Bottom September 17, 2023
- Gold Teeters Toward Disaster September 13, 2023
- Here’s Why This Stuck Market Is Not Surprising September 13, 2023
- Reset Week Leaves List Uncomfortable September 11, 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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