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Post Apocalips 6/13/24

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.

I recognized at the end of May that there would probably be no June swoon.  There are still more than two weeks left in the month, but so far, so good. The 5 hour bar chart of the ES shows an orderly bull move that still appears to have some juice.

156sui

Shifting down to the usual 1 hour bar look, yesterday looks like a 5 day cycle high with some corrective action likely into Monday or Tuesday. 5415-18 is spport going into the New York open. That spport rises to around 5424 at the close. If that line breaks, there’s room for downside to the 5400-5405 area where the next spport line lies this afternoon.

If those lines hold, I’d expect a test of the high around 5447, but no breakout because of being on the weak side of the 5 day cycle until Monday or Tuesday.

156sxb

There’s a big coupon settlement on Monday, but there have been enough T-bill paydowns to cushion the impact of that. Meanwhile, the RRP slush fund is rebuilding right on schedule, up $70 billion over the past week. May Tax Collections Were Super Bullish

 
Date Security Type Total Offering Total Publicly
Held Maturing
Net New Cash or
(Pay Down)
06/18/2024 Bills $200,000 $214,948 $(14,948)
06/17/2024 Coupons $119,000 $50,468 $68,532
06/13/2024 Bills $246,000 $249,987 $(3,987)
06/11/2024 Bills $200,000 $214,973 $(14,973)
06/06/2024 Bills $200,000 $212,002 $(12,002)
06/04/2024 Bills $200,000 $204,981 $(4,981)

For moron the markets, see:   

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