The market sphincter just keeps getting tighter and tighter. The question isn’t just when it will squirt out, but exactly what will squirt out, and where. We await with bated breadth.
i would note that the squeeze keeps making higher lows, but I admit to not knowing if that means anything. Normally it suggests accumulation. Push will come to shove at the trendline at 4504 now and 4508 as of the opening hour in New York. If they break that, then the next spport line comes in at 4490.
On the other hand, if they clear 4523, then they probably blast off to 4530 or even perhaps 4531. Then we’ll see if it has Room to Run.
Meanwhile the bond market rally appears to be approaching kaputski. So much misplaced bullishness.
And today, gold is sold. Gold Has Lost Its Mojo and Is Now in Danger
For moron the markets, see:
- Room to Run November 20, 2023
- A Rally Can’t Live on Hope Alone November 20, 2023
- Gold Has Lost Its Mojo and Is Now in Danger November 14, 2023
- Swing Trade Screen Picks – Loading Up on Buys November 13, 2023
- Meltup Gonna Take You Hiya November 13, 2023
- Fuggedaboutit! Treasury Supply Ain’t Going Away November 5, 2023
- Which to Believe, the BLS or Actual Tax Collections November 3, 2023
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