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Round and Round She Goes- 9/18/23

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.

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

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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

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For moron the markets, see:

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