The conventional measured move target on the base breakout of the ES 24 hour futures is at least 4450. However, the hourly cycle indicators are extended both on an hourly and two hour bar basis. So a pullback or consolidation is likely before the advance resumes.
Likely. Not guaranteed. The currently effective trend spport line rises from 4360 as of 6 AM in New York, to 4390 as of 4 PM. First step toward a consolidation or pullback would be to break that. If they don’t, then we’re in a meltup, particularly if they clear 4385.
Tomorrow, there’s a $9 billion T-bill paydown settling. Not a material amount in the face of a constant tsunami of new supply, but nevertheless a respite. Then next week, we get settlement of net new issuance of $100 billion. That should give the bears a foothold. Tepid Tax Collections Mean It’s the Supply
Dickslosure, I have been long all week and got longer yesterday. Therefore I am biassed, not a neutral observer as I normally am. The Big Low
So consider the source. I have gotten a repeated ass whuppin over the past two weeks as I placed bets on the 6 month cycle low too early in this veal market. It brings to mind the old market truism that it’s never good to catch falling cutlets. Better to wait for the sizzle in the pan. Now, I’m in the pathetic compulsive gambler’s position of trying to get back to even. Veal Market – Baby Calves Get Slaughtered
Always remember, pay no attention to that man behind the curtain.
First, the ES, 2 hour bar perspective.
And the one hour.
And the godforsaken Treasury market, where, when the media pooditry turned bearish on the bond market at 4.85 on the 10 year yield I warned that a short term respite was at hand. Tepid Tax Collections Mean It’s the Supply
Is the Wall Street media that stupid, or complicit in the constant manipulation of the crowd to serve their clients’ inventory management needs?
For what it’s worth, this move measures to 4.47 on the hourly chart of the 10 year yield.
Watching the yellow shit, it measured its trend channel perfectly, with a well timed war coinciding with hitting the bottom of the channel, with a huge rebound from there. And so once again, we get confirmation of Baron Rothschild’s, “Buy when there’s blood in the streets.” Sheer horror, but a testament to the amoralism of the financial markets.
This rally has quickly reached the centerline of the trend channel. Normally we’d see a consolidation here for a few days. Gold Breaks Down, With Long Term Implications
For moron the markets, see:
- Veal Market – Baby Calves Get Slaughtered October 9, 2023
- The Big Low October 8, 2023
- Gold Breaks Down, With Long Term Implications October 5, 2023
- Tepid Tax Collections Mean It’s the Supply October 4, 2023
- Screen Picks – Definition of Insanity Exemplified October 2, 2023
- Gold Breaks Down, With Long Term Implications October 5, 2023
- The Rhymes of History September 24, 2023
- Here’s Why This Is a No Clickbait Market for Primary Dealers August 24, 2023
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