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Yes, my friends, we have a base breakout on the hourly chart of the ES, 24 hour S&P fuguetures. It has a conventional measured move target of 5615. At the same time, there’s a 5 day cycle projection of 5620-25. Trend spport is around 5555 this morning, rising to 5560 at the clothes rack.
At 8:20 AM ET, the market was eating at resistance around 5560. Next resistance level is around 5580. Indications are that it will break through and head for the projections today. Politics and Markets Make Strange Bed
Over in Treasuryville, the 10 year yield looks like it’s trying to make a bottom, but it has a long way to go to break the short term downtrend channel. The Sky’s the Limit
A ton of supply is on the way, but some of it is T-bills, which cuts both ways. The Sky’s the Limit
For moron the markets, see:
- Politics and Markets Make Strange Bedfellows July 21, 2024
- The Sky’s the Limit July 18, 2024
- Gold Takes the High Road July 17, 2024
- Swing Trade Screen Picks – Holding the Averages Versus Picking Swing Trades July 14, 2024
- Higher for Longer July 14, 2024
- Picking Up Nickels in Front of a Steamroller July 9, 2024
- Gold Raises the Bar July 9, 2024
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