And the Christmas goose is in the oven.
Meanwhile, I noticed something interesting this morning. Over the past year, the EUR/USD tends to lead intermediate turns in US stocks by a week or two. We got something here?
This is a daily chart of the EUR/USD, with an overlay of the ES, S&P 500 futures daily. I have absolutely no idea why this has worked this way, or whether it will continue. I generally think that intermarket analysis is clownalysis. I just report when I notice something. You are all pros here. You decide.
Well, I am not a pro. I don’t work on Wall Street, and I have no idea what I’m talking about, but here’s our daily AM look at the hourly chart of the ES, as usual, for your listening and dining pleasure with your morning cough fee.
The market spent a couple of weeks grinding through the enormous layer of resistance between 4540 and 4600, and Friday we had a near test of the July high, so far unsuck cess pool. That is, they didn’t quite get there, and this morning, they are pulling back to trend spport. 4575 looks like a key level. If it holds, the bulls keep control. If not, then it will get interesting.
Also, I did see on Friday that my double top secret sentiment indicator had reached such hysterical extremes that I had to carefully consider the bearish case in my own paralysis by what my anal is, is telling me.
Meanwhile, I’ll be tightening the stops on my longs. They’re not just long, but long in the tooth.
Meanwhile, meanwhile, a little show and tell on the 10 Year US Treasury Yield. I show, you tell.
For moron the markets, see:
- Tax Revenues and Liquidity are Crashing December 4, 2023
- Christmas Goose Temperature Nears Required Doneness December 4, 2023
- Swing Trade Screen Picks – Read My Lips, No New Longs. But a Couple Shorts November 28, 2023
- 420 Friendly Market November 27, 2023
- Gold Sets Up Potential High Base BreakoutNovember 24, 2023
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 2023
- A Rally Can’t Live on Hope Alone November 20, 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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