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Here We Go Again- 3/18/24

This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Every time it looks as though the rally is running out of gas, somebody gives it a fill-up. It’s as if Friday’s selloff didn’t happen.

Meanwhile, did you notice that the Fed’s RRP slush fund dropped by $100 billion to a new low of $418 billion over the last 3 days of last week. Don’t worry, it won’t run out of cash any time soon. This is money that came out to pay March 15 corporate income tax. Now the Treasury will use it to start paying down T-bills. It will flow back into money market funds, and there won’t be any T-bill supply to absorb it for the next 2 months. So right back into the RRP slush fund it will go. More on that here, with an update to come this week. Markets Create Money, Money Talks, Markets Listen Etc.

As for the hourly ES, 24 hour S&P futures, the downtrend has been obliterated and they’ve started a new 5 day cycle up phase. Watch for a pullback to 5150. If that holds, then we have a new uptrend channel to work with. If no pullback, then the current meltup will run right back to the high of 5190. The next 3-5 day cycle high is due Wednesday-Friday. Buckle up.  A Top is In, But Which One Is It

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For moron the markets, see:

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