This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.
That’s the 5 day cycle projection on the ES. The ES would first need to clear a couple of resistance lines around 5620 today. The projection implies a test of the early September high of 5655. If it gets there today, I’d expect a battle royal. Otherwise pull back first and then try try again next week.
The bulls are getting a lot of help from the US Treasury this month, as we knew would be the case, thanks to September estimated tax collections filling the Treasury Cash Account. Here’s Hard Evidence that the Slowing Economy Narrative is False
Market participants are getting a Treasury cash refund of $88 billion versus payments due of just $61 billion. That’s a lot of extra slosh that will be floating around until the next coupon issue at the end of the month.
Meanwhile, the US Treasury carry trade is alive and well. Primary Dealer Clown Show Danger Pales in Comparison to Hedgie Daredevils
And gold broke out yesterday. The breakout of this pattern measures to 2615-2635. Gold Gets Ready to Rumble 9/12/24
For moron the markets, see:
- Gold Gets Ready to Rumble 9/12/24 September 12, 2024
- Primary Dealer Clown Show Danger Pales in Comparison to Hedgie Daredevils September 11, 2024
- Swing Trade Screen Picks – Read My List, No New Picks September 10, 2024
- How Deep Was My Valley September 9, 2024
- Here’s Hard Evidence that the Slowing Economy Narrative is False September 8, 2024
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
Join the conversation and have a little fun at Capitalstool.com. If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
