Yesterday’s rally did not break the 2 1/2 week downtrend in the ES, 24 hour futures. To do that would require a New York closing price above 4280. At this point, that looks unlikely. The 5 day cycle indicators suggest top formation is now underway as of 8:45 AM ET. To negate that, they would need an hourly close above 4270. On the Lookout for Big Low
Over on the bond side, the bear took a breather yesterday but this isn’t over yet. Not by a longshot. Tepid Tax Collections Mean It’s the Supply
Gold looks hopeless. Update coming up.
For moron the markets, see:
- Tepid Tax Collections Mean It’s the Supply October 4, 2023
- Screen Picks – Definition of Insanity Exemplified October 2, 2023
- On the Lookout for Big Low October 1, 2023
- Gold on the Brink of Secular Trend Sell Signals September 27, 2023
- The Rhymes of History September 24, 2023
- Here’s Why This Is a No Clickbait Market for Primary Dealers August 24, 2023
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
