Today is ideally the 5 day cycle high on the ES. But alas, the waves regressing toward ever smaller amplitudes as the market triangulates itself toward infinite flatness. The ES would need to end today above 5474 for an upside breakout, or 5455 for a downside breakout. Until one of those things happens, nothing will happen.
The rise off yesterday’s low has given the hourly indicators a slightly bullish tone. But without a breakout, it’s meaningless. And even if 5474 is cleared, there’s more resistance immediately overhead in the 5480-90 range. It doesn’t argue for a big upside move today, even with the last T-bill paydown, totaling $15 billion, settling today. That’s because massive coupon issuance is coming tomorrow and next week, and that should weigh heavily on things.
Even a downside breakout from the triangle would not argue for a big move. Spport is around 5440-45. They players will play hold that line there.
For moron the markets, see:
- For Primary Dealers Easy Street is No More June 26, 2024
- When Gold Breaks Out June 25, 2024
- Swing Trade Screen Picks – Stick It June 24, 2024
- Weak Trend Status Quo June 23, 2024
- Here Cometh the Grim Repo Man June 20, 2024
- May Tax Collections Were Super Bullish June 6, 2024
- The Fed Doesn’t Matter Any More May 1, 2024
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