First The Street Puts You to Sleep 11/8/23

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Then it effs you.

But maybe this time is different. Maybe this pattern on the hourly chart of the ES, S&P 24 hour futures is a launchpad. The uptrend channels remain intact as of 7:30 AM in New Yawk. For any material change in trend, the ES would need to end any hour below 4370. And then it would need to break 4350 to create a real top pattern.

Feels like a tall odor. Not Just a One Week Wonder

Meanwhile, this countertrend bullish move in the bond market (down in yields) is still just that. Countertrend. As the daily chart of the 10 year Treasury yield illustrates. Get it below 4.50. Then we’ll talk.  Fuggedaboutit! Treasury Supply Ain’t Going Away

As for the yellow relic, I think it looks good, but the miners aren’t having it. Gold Bullish Pullback But Miners Are Doubtful Let’s see how far this pullback goes before we lather up.

For moron the markets, see:

• 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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