The ES, 24 hour S&P futures have now broken down from a top pattern with a conventional measured move implication of 4595. However, the 2-3 day cycle projection only points to 4665. That’s also a minor spport level. In the very short run, I’d look for a bounce to start from here or there. They’re trying to rally now, as of 8:20 AM ET. The first test of strength will be trend resistance around 4690 now, dropping to 4692 in the opening hour of regular NY trading.
The 10 year Treasury yield appears to be in the early stages of a bearish upleg. The first true test will be 4.08-.09. If cleared, next stop 4.25.
There’s a hell of a lot of supply on the way. Batten down the hatches.
Meanwhile, I continue to track gold, thinking that someday, somewhere, when you least expect it, something will happen. This would be as good a place as any.
For moron the markets, see:
- Critical Pullback for Gold January 4, 2024
- US Economy Didn’t Crash in December? January 4, 2024
- US Economy Crashed in December – Nope, See Update January 3, 2024
- Swing Trade Screen Picks – Starting the New Year with a Bad Idea January 3, 2024
- Now, Take a Deep Breath January 2, 2024
- Macro Liquidity – The Party’s Over January 1, 2024
- Dealers Stay Extended December 16, 2023
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 2023
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