Our proprietary double secret sentiment indicator has gone to a strong sell signal for day trading purposes today. Whether that translates into more than that, see Nothing is Broken.
All kidding aside, whether it is even correct in the short run depends on breaking certain levels on the ES 24 hour S&P futures.
Arguing in favor of at least a 5 day cycle high yesterday, is that a 5 day cycle projection of 4765 was hit on the ES. That was also the conventional measured move implication of the reverse head and shoulders base breakout. So maybe that really is all she wrote. Hourly indicators are on the sell side
However, those indicators are still way up in positive territory and trend spport lines are still rising. The ES would need to be below 4740 in the first hour of NY trading to trigger a sell signal on that basis. As of the NY close the bears would need to recapture 4740 for a daily trend sell signal. Close calls don’t count. Even a minor break would be suspicious.
So color me cautious for now.
10 Year Treasury Yield attacking the 200 day MA. Daily cycle oscillators favor a breakthrough. The next target would then be 4.30.
US Economy Crashed in December – Nope, See Update January 3, 2024
For moron the markets, see:
- Swing Trade Screen Picks – Market Lacks Conviction, But 3 New Picks Have Potential January 9, 2024
- Nothing is Broken January 8, 2024
- 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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