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This morning the market as represented by the ES, 24 hour S&P futures has been creeping up along its latest trendline. It’s amazing how these things work sometimes. After all, I drew this line yesterday. Now, as of 6 AM ET, 5619 is the number below which the market must not cross, lest ye abandon all hope, ye who enter. The Market Still Blows
Bien sur, it’s nothing so dramatic, forsooth, there is spport for them to play the game at 5602, and 5584, before we can think seriously about maybe a reversal. Other than breaking those levels, the uptrend still gets the benefit of the doubt, as always.
On the other hand, prices are locked in a range that’s almost flat. The ES needs to clear 5655 today to get anything going on the upside. Other than that, we can look forward to a creepy snoozefest.
If you believe that BTC is a measure of excess liquidity, which sometimes it is and sometimes it isn’t, at least not a very good one, then there’s hope for the bears here. Or maybe not. Those hourly oscillators look pretty bottomy.
In the meantime, bond investors took a look at that supply schedule and began to have second thoughts over the past two days.
Is this the turn we’ve been waiting for? I have a Liquidity Trader update almost ready to drop in the hopper with an answer to that question. Notice I said “an” not “the.” Because we don’t know and neither do they. But sometimes we have an idea.
This chart, like all the others here, is hourly. If you want the long view, you know– three or four weeks– subscribe to Liquidity Trader!
For moron the markets, see:
- The Market Still Blows August 26, 2024
- Swing Trade Screen Picks – We Caught the Turn August 20, 2024
- Gold Breakout Persists August 19, 2024
- Liquidity Now Hinges on Mood August 19, 2024
- Bits and Pieces- Why What Was Bearish is Now Bullish August 15, 2024
- Tax Collections Were Worse than the Jobs Report But… August 5, 2024
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