But how many of us are lip readers? So we’ll stick to the charts. For our purposes here, the chart of the day. That is the 24 hour ES, S&P futures, and looky looky. Not one, but count em, TWO red channels. If they break out of one, there’s a backup to come to shorts’ rescue.
Or maybe not. The 5 day cycle projection is only 4970. And that is indeed a spport level around the time New York opens. If they don’t break that, nothing doing, bears.
On the other hand, to break downtrend channel number one, they only need to be above 4988 at the NY open or 4980 at the close. The second channel is more of a challenge. The top line is at 5003 at the open and 5000 at the close. If they clear that, then 5010-20 would be next up.
Not much to get excited about either way. But with a 5 day cycle low due, the odds favor da bulls. Whlat
Meanwhile, they’re trying to pull off a rally in the bond market. They gotta get below 4.24 on the 10 year to succeed. Otherwise much higher yields dead ahead. Market Sentiment vs. Liquidity Reaches Historical Hysterical
For moron the markets, see:
- Charts Say- Read My Lips, One More Rally February 20, 2024
- Market Sentiment vs. Liquidity Reaches Historical Hysterical February 19, 2024
- Swing Trade Screen Picks – List Recovers Both Ways.February 15, 2024
- With Modest Hopes for Gold, 4 Mining Picks to Swing February 13, 2024
- This Will Be the Week That Was February 11, 2024
- What’s Up with Down Withholding Tax Collections February 4, 2024
- Primary Dealers Are Maxed Out Again January 24, 2024
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