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The hourly cycle indicators on the ES 24 hour S&P futures chart show that the market began a 5 day cycle up phase overnight. To confirm that the up phase will be anything more than a brief pause in the carnage, the ES would need to be materially above 4155 by the time New York opens.
What is materially? I have no idea. But if they clear 4165, that would at least indicate a little bit of an uptrend that could last a day or two.
On the other hand, if they fail to get through 4155, crash on, Garth.
Then it all depends on what happens when they test the low around 4130. If it doesn’t hold, the next significant spport areas would be around 4100 and 4050, and I wouldn’t doubt that it could get there today. Remember, the weekly Technical Trader update was posted before the open this week, so the potential was clear. Beware of Bear Market Crash Potential
On the bond side, the chart has made the case for a short term rally, but if they don’t take out 4.79 on the 10 year, this could get much worse, much faster than people can wrap their heads around.
For moron the markets, see:
- Beware of Bear Market Crash Potential October 23, 2023
- Swing Trade Screen Picks – Which is Better, Late or Never? October 23, 2023
- When the Market Is Ready, an Event Will Appear October 16, 2023
- Dealers Pull In Their Horns October 14, 2023
- Veal Market – Baby Calves Get Slaughtered October 9, 2023
- Gold Breaks Down, With Long Term Implications October 5, 2023
- Tepid Tax Collections Mean It’s the Supply October 4, 2023
- The Rhymes of History September 24, 2023
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