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But for how long, that is the question. Not to be or not to be. To be for how long, for not to be is our destiny.
The hourly chart of the ES, 24 hour futures doesn’t tell us about the long term. I’ll look at that and post something on it before Monday. For now, I will hold to my last headline. But much depends on whether the bulls can hold the line today, methinks.
Yesterday we had a failed buy signal on the ES hourly. But it’s not over till it’s over. The hourly oscillators haven’t broken down and the last key uptrend line is still below at 4325 as of 8 AM in NY. That line rises to 4333 as of the NY close. If they don’t break that, bulls still have the ball for this move. But if that breaks, 4305 would be the next spport line and likely target, with a whole lot of air below that. A breakdown could be fast and furious. But I’d expect an attempt to defend spport today, first.
The 30 year Treasury bond auction was a disaster yesterday. Surprise, surprise, surprise. OK, not. You had been warned. Repeatedly. And if there’s ever a reason to expect that to change, I will let you know as soon as I see one.
But as I pointed out yesterday, the trend is still your friend. Fuggedaboutit! Treasury Supply Ain’t Going Away
What about the yellow relic. As bonds sold off yesterday, so too did it. Sigh. Why am I not surprised. But have faith, ye of little. All is not lost. This is still well within the context of the expected pullback.
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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