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Wait.
They keep throwing shit against the barn door, and nothing is sticking.
This morning we have another triangle break on the ES 24 hour S&P futures. This time it’s to the downside, and so far, there’s no follow through. I hold to the idea that nothing is likely to happen until the derelection is settled. That will take a while, apparently.
For today, we start within a well defined 2 day downtrend channel. Upper line runs from 5829 to 5824 during regular trading hours. Lower line 5807 to 5802. No sign yet of a breakout, or which way. Market Broke for Second Wind
In the WOW department, more breathtaking carnage in the Treasury market. Still looking at an intermediate term cycle projection of 4.60 on the 10 year yield. Worried about contagion? Hell yeah. Liquidity Measures Show Markets Stretched to the Limit
Gold, already in a breathtaking uptrend is angling for acceleration. Gold Approaches Its Long Term Target
Cryptonians are celebrating a breakout with a short term cycle projection of 78-79k. That would result in a conventional measured move target of the base breakout, to 90k.
Meanwhile the euro is still looking for a short term bottom against the dollar, but the indicator setup suggests the potential for a EUR/USD crash if the EUR doesn’t clear 1.0850 USD in the next few days. .
For moron the markets see:
- Swing Trade Screen Picks – Picking a Few Nickels With Steamroller Still Coming October 29, 2024
- Market Broke for Second Wind October 27, 2024
- Gold Approaches Its Long Term Target October 26, 2024
- Liquidity Measures Show Markets Stretched to the Limit October 21, 2024
- Get Your Red Hots Here October 3, 2024
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