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The ES needs to be below 5562 at the NY open, and 5575 at the close to break the current iteration of the uptrend. That’s just to break the proximate trend, not to signal a top, let alone a downside reversal. First things first.
Failing that, it would seem that the market’s next upside target would be 5600.
Just eyeballing this chart, the setup looks bullish as hell. There’s not much going on in the way of cycles. Just trend up, pause, trend up, pause. It’s enough to put a trader to sleep. I guess that’s what they want. Then kaboom, right?
“Kaboom” would initially require at least a break of 5545.
Meanwhile, however, BTC our excess liquidity indicator, suggests, well, maybe. On an hourly basis, it does show cycling, waning animal spirits, and the implication that excess liquidity is also on the wane. But just in the last hour, it indicated a bottom .
Finally, the hourly chart of the 10 year yield suggests preparation for a launch. Liquidity Now Hinges on Mood
For moron the markets, see:
- Gold Breakout Persists August 19, 2024
- Nothing But Air August 19, 2024
- Liquidity Now Hinges on Mood August 19, 2024
- Bits and Pieces- Why What Was Bearish is Now Bullish August 15, 2024
- Swing Trade Screen Picks – Catching Many Fish August 12, 2024
- Tax Collections Were Worse than the Jobs Report But… August 5, 2024
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