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Check out the two hour bars on the ES. It’s a picture perfect high base breakout, the quintessence of an orderly advance. The breakout has a conventional measured move target of 5860. We’re Now Week to Week for this Bull
On the hourly chart, we’re looking at a lower channel boundary that runs from about 5780 to 5790 during regular NY trading hours. There’s a 5 day cycle projection of 5640-50. If the market stays above that trendline, there’s a solid chance of hitting the projection and the measured move target in short order.
Over in the bond market, the 10 year Treasury yield has surged as Treasuries have suffered a massive selloff. This could be the disorderly unwinding of the historically huge Treasury carry trade, with hedge funds holding massive futures short positions. 4.10 is a crucial resistance level for the 10 year yield. It’s also a short term cycle projected peak. If cleared, it would signal big trouble ahead, with a move to 4.20 in short order, and much higher yields to follow. We’re Now Week to Week for this Bull
Hard to believe, but looking at the long term chart of BTC, it sure looks like a consolidation winding up for another breakout. But we won’t have a better handle until there’s a breakout, one way or the other.
Gold is testing its uptrend today. If it doesn’t hold, there’s room for some pain. Gold Says, Not So Fast!
For moron the markets see:
- 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
- Moderating Bullish Outlook October 7, 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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