The ES 24 hour S&P futures pulled back to trend support 3 times in the last 36 hours. Apparently the third time is the charm.
I just made that up.
OK, not, but looking at this pattern, and seeing those hourly cycle oscillators turn up from above the zero line, this sure looks like a blastoff setup.
What else is new. The 5 day cycle projection points to 5910. That’s new. And the round number syndrome calls. That’s not new. We noted that before. Round Number Syndrome
Back on the road today, but destination by the early regular trading hours in New York, so I’ll be back.
Oh, one more thing. The US Treasury continues to pound the market with T-bill issuance. Remember, T-bills are money, or as good as money, because they are instantly convertible into spendable cash via the magique of repo at 97 cents on the doolah.
But they’re not using any excess cash to buy Treasury coupons. The 10 year yield is pressing the high again. A breakout would be big trouble for those enormous futures hedges supporting the Treasury carry trade. Liquidity Says, The End Is Nigh, Almost
And oh gold! Gold a la Mode
For moron the markets see:
- Gold a la Mode October 18, 2024
- Liquidity Says, The End Is Nigh, Almost October 16, 2024
- 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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