Oh, my money! How can I lose thee? Let me count the ways.
The stock market seems to be growing increasingly random, with increasing frequency and amplitude. However, despite the wild fucktuations, the trend, for now, is still down. The angle of the dangle may change but barring an hourly close above 5493 today, the trend will remain down. End Stage Hysteria Breaks
In fact, the 5 day cycle has been in an up phase since early yesterday, and the market has yet to make a higher high amidst the wild swings. The immediate challenge as of 6 AM in New York, is to break a downtrend line at 5448. Failing that, another sharp plunge would be likely.
If they do get through that, then the next move should be an attempt to get back to 5493. First the ES would need to clear trend resistance in the 5465-75 range.
The 5 day cycle would ideally top out next Tuesday. If nothing happens on the upside before that, another mini crash leg could be dead ahead.
Another $16 billion in T-bill issuance announced yesterday. T-bills cut both ways, but the $76 billion in coupons settling next week do not. Meanwhile the RRP slush fund saw withdrawals yesterday, on the issuance of $16 billion in T-bills. The drawdown actually exceeded the amount of bill issuance.The total outstanding remains rangebound however. The sit tight mentality seems to be entrenched.
They nibbled on coupons with the extra $6 billion withdrawn from the RRP slush funda. All signs that the party really is over for stocks. End Stage Hysteria Breaks
For moron the markets, see:
- Gold Breakout Failure Signals Big Trouble July 25, 2024
- End Stage Hysteria Breaks July 24, 2024
- Swing Trade Screen Picks – Short-term Cancer Culture July 22, 2024
- Politics and Markets Make Strange Bedfellows July 21, 2024
- The Sky’s the Limit July 18, 2024
- Picking Up Nickels in Front of a Steamroller July 9, 2024
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