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The pattern of the hourly ES 24 hour S&P futures so far this week looks just like last Wednesday and Thursday. Which is meaningless. The trend is mildly up. Hourly oscillators are on the sell side, but well above the zero line and creeping higher. In the old days we might call this accumulation. By whom, that’s the question.
There’s still a 5 day cycle projection of 4440. I’d have to say that the odds are still tilted in that direction. Beyond that, well looky here.
Meanwhile, the 10 year Treasury yield is trying to pull back to test the uptrend line. If they don’t get it there within a few days, start the countdown to the next blastoff. Meanwhile, Wall Street Primary Dealer shills are out this morning spreading the bullshit so that they can distribute their unwanted Treasury inventory that they are choking on. Rate cut predictions left and right. Not just one rate cut but as many as four. Also pronouncements that inflation is dead. https://www.bloomberg.com/news/articles/2023-11-13/ubs-strategists-see-far-deeper-fed-rate-cuts-than-market-pricing
But I doubt it. Fuggedaboutit! Treasury Supply Ain’t Going Away
Gold? Working on a Gold Trader update for subscribers to be posted later this morning. This looks like a good place for a reversal.
For moron the markets, see:
- Swing Trade Screen Picks – Loading Up on Buys November 13, 2023
- Meltup Gonna Take You Hiya – Link Corrected November 13, 2023
- Gold Bullish Pullback But Miners Are Doubtful November 8, 2023
- Swing Trade Screen Picks – More Longs November 7, 2023
- Not Just a One Week Wonder November 6, 2023
- Fuggedaboutit! Treasury Supply Ain’t Going Away November 5, 2023
- Which to Believe, the BLS or Actual Tax Collections November 3, 2023
- Here’s Why Macro Liquidity Still Signals Record Danger October 28, 2023
- Dealers Pull In Their Horns October 14, 2023
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