A two day circus is in town. It’s the FOMCircus featuring ringmaster Lord Jaysus Powell, and his Clown Posse.
The stock market celebrated its arrival yesterday. Anything that happens in the market between now and tomorrow’s dog and pony show is just for show. The real action comes Thursday. Meanwhile, be careful where you step.
That said we have both a 5 day cycle projection and conventional measured move target of 4940 on the hourly chart of the ES, 24 hour S&P futures. No doubt when the circus opens tomorrow, the market will zoom to 5000 for show. But what happens after that will be interesting. The Danger Is that the Rally is Narrowly Based
For moron the markets, see:
- Swing Trade Screen Picks – Clearing Out the Shorts January 30, 2024
- The Danger Is that the Rally is Narrowly Based January 29, 2024
- Fed Balance Sheet Right Now Says Bears Should Get Ready to Rumble January 28, 2024
- No Way Gold Has Forceful Breakout – 1/26/24 January 26, 2024
- Primary Dealers Are Maxed Out Again January 24, 2024
- Weekly Bank Data and Fed Balance Sheet Say the End is Nigh January 16, 2024
- US Economy Didn’t Crash in December? January 4, 2024
- US Economy Crashed in December – Nope, See Update January 3, 2024
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 2023
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