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Nicely noted!
15 hours ago, Jorma said:It’s the Devils Tower formation.
What should we make of this crazy pattern on the ES, 24 hour S&P futures? It looks a little bottomy, judging by the price pattern over the last several hours, and the action of the hourly oscillators. But there are no buy signals yet. The ES would need to get above 5830 by mid day for this to start moving on the upside.
On the other hand an hourly close below 5805 could get things rolling on the downside, with the next spport line around 5785 this afternoon. Round Number Syndrome
Over on the yield front, the 10 year Treasury yield pulled back from the key trendline for a second day, Treasuries are rallying on light coupon supply after a big selloff carried the 10 year yield back over 4% in a matter of days. We’re Now Week to Week for this Bull
Coupon supply is light but will return at month end. The Treasury however, keeps issuing T-bills, which are instantly convertible into cash via the magic of repo at 97% of face value.
Over in precious metals, traders must decide whether this is the gateway to upside acceleration, or a double top that leads to a big correction. I give some answers here: Gold Says, Not So Fast!
FX traders see an interesting inflection point on the EUR/USD, with the ECB on the verge of another easing. In theory, that should lead to a move to 108.50, or if that breaks, then 107.50. I’m not a buyer until I see a short term reversal pattern develop.
BTC bros must be a happy bunch looking at this pattern. Doesn’t get more bullish. But the real test will come at 70k-72k. A breakout would measure to 90k.
For moron the markets see:
- Swing Trade Screen Picks – Loads of Buy Signals with Good Setups October 15, 2024
- Round Number Syndrome October 13, 2024
- Gold Says, Not So Fast! October 10, 2024
- We’re Now Week to Week for this Bull October 9, 2024
- Get Your Red Hots Here October 3, 2024
- Market Can’t Live By Repo Alone September 25, 2024
- Macro Money Blows the Roof Off September 17, 2024
- Primary Dealer Clown Show Danger Pales in Comparison to Hedgie Daredevils September 11, 2024
- Here’s Hard Evidence that the Slowing Economy Narrative is False September 8, 2024
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