Rangebound markets make predicting difficult, especially about the future. However, we look to things like time, the odds favor the upside for the next 2 days or so. The hourly cycle indicators suggest that a 5 day cycle low has formed, and that the next high isn’t ideally due until Wednesday.
Where might this lead? For starters, the ES, 24 hour S&P futures face resistance around 5484. If they manage to get through that, the little bottom pattern thus formed would conventionally measure to around 5510. If they don’t get through, prepare your chutes. Weak Trend Status Quo
In Liquidity Trader we forecast and track the outlook for Treasury supply, which is a major determinant of the direction of both bonds and stocks. Here Cometh the Grim Repo Man The end of the month has potentially cataclysmic implications. While there have been about 65 billion in T-bill paydowns sending cash back to various market entities, that’s not enough to fund the $144 billion that will smack the market in the final week of June. It gets worse in July.
For moron the markets, see:
- 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
- Dr. Gold Stopped the Bleeding Just in Time June 16, 2024
- May Tax Collections Were Super Bullish June 6, 2024
- After Growth in the Spring Comes the Harvest June 4, 2024
- June Swoon Called Off May 29, 2024
- The Fed Doesn’t Matter Any More May 1, 2024
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