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For the bears, that is. I pointed out last night that the market topped out on time but fell shy of hourly cycle projections. That’s usually a sign of weakness. This morning’s tape has borne that out. The ES, 24 hour S&P futures now have a 5 day cycle projection of 5470. An hourly close below 5505 would result in a conventional measured move target of 5430. If the market is below 5502 in the first half hour of regular trading, that would set up a crash channel.
The market would need to be above 5502 at noon in New York to break that channel.
Politics and Markets Make Strange Bedfellows
Meanwhile, the 10 year Treasury yield is holding on as it faces a huge coupon settlement at the end of the month. I am working on an expanded look at this to be posted a little later today. Meanwhile, there was this. The Sky’s the Limit
For moron the markets, see:
- 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
- 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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