Concurrent 3 and 5 day cycle highs are due this morning, but this move on the ES, 24 hour S&P futures looks like it’s getting a second wind. There’s a 2-3 day cycle projection of 5830, but using a 4 day duration suggests 5860. And the conventional measured move target of the high base breakout is 5855-60. Hourly cycle oscillators just triggered buy signals from very high levels, which suggests strong trend acceleration here. Round Number Syndrome
Despite light coupon supply at the mid month auction, we continue to see upward pressure on yields. At the same time, bill supply has been heavy and will continue to be. T-bills are instantly convertible into money, of course. But so are coupons. They’ve been subject to a massive carry trade where hedge funds have bought the bonds and notes and shorted Treasury futures. Apparently, there’s been a disorderly unwinding which looks set to resume. We’re Now Week to Week for this Bull
I’ve been questioning the sustainability of gold’s uptrend. Here’s how it looks today. Gold Says, Not So Fast!
Meanwhile, BTC bros gotta be happy about the looks of this.
Over the past couple of years, I’ve built enough of a stash of euros to subsist for 18 months. Time to buy more, or roll back into USDs?
For moron the markets see:
- 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
- Swing Trade Screen Picks – Lots of Sell Signals Again October 8, 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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