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The ES 24 hour S&P futures broke out of a triangle pattern at 3 AM ET this morning, at the open of European markets. Triangle breakouts are usually explosive, but longer term follow through is a tossup. This breakout came almost at the apex of the pattern, aka the Dick Trickle Memorial Point. These usually have no follow through, but instead most often lead to more rangebound willy nillyness.
The hourly cycle oscillators are bullish. Kinda. One of them, not so much. It all depends on what happens if and when 5830 is tested. If they break that, we could have a runner. If not, then more mish mosh ahead. Enjoy. For More Upside
Over in the Treasury market the selloff looks over for now, as signs point to a short term peak in yields. Spport levels on a pullback would be 4.10, 4.05 and 4.0. The Fed’s RRP slush fund took a tumble to a new low yesterday, and the market must absorb $88 billion in net new coupon issuance on October 31. Liquidity Measures Show Markets Stretched to the Limit
Gold, yeah baby! But late in the game, with daily cycle indicators rolling over from a negative divergence. Whatzit mean? Gold a la Mode
In FX, short term bottom forming in EUR/USD
FInally over on Crypton, the Bitcoin bros face an inflection point. That would be one helluva base if they can push it through 70k. Otherwise, drop below 65 K and ho hum.
For moron the markets see:
- Swing Trade Screen Picks – Letting It Ride October 22, 2024
- Liquidity Measures Show Markets Stretched to the Limit October 21, 2024
- For More Upside October 21, 2024
- Gold a la Mode October 18, 2024
- Liquidity Says, The End Is Nigh, Almost October 16, 2024
- Get Your Red Hots Here October 3, 2024
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