The post holiday session pre market on the ES, 24 hour S&P futures is a bit weak, but the 5 day cycle projection is only 4745, and we’re almost there. 4739-42 is a spport area. And then there’s more spport around 4730-35, and then every few points below that, seemingly forever. So I wouldn’t bet on much more than that for now, but surprise me. Stock Market Is Having Irving Fisher Moment
Over in the department of bond interest, the 10 year yield is now in a no-man’s-land between 3.85 and 4.10. Once it breaks out, we’ll know which way it’s headed. Liquidity analysis says up, but not necessarily in the short run. I will be working on a Liquidity Trader update today for posting this evening. For now, I can only tell that the stock market rally has been entirely driven by animal spirits, and that leverage has reached hysteria levels. Meanwhile the countdown to zero on the Fed’s RRP slush fund is on track. The crunch is coming.
For moron the markets, see:
- Stock Market Is Having Irving Fisher Moment January 15, 2024
- Gold Outlook Increasingly Hopeless January 11, 2024
- Swing Trade Screen Picks – Market Lacks Conviction, But 3 New Picks Have Potential January 9, 2024
- US Economy Didn’t Crash in December? January 4, 2024
- US Economy Crashed in December – Nope, See Update January 3, 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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