S&P Futures Analysis and Bitcoin: Key Levels for Today

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S&P Futures

The ES 24 hour S&P futures are headed for the point of an enlarged triangle, which has formed since a smaller triangle breakout fizzled. That point is around 5925, give or take, next Tuesday. The triangle lines converge there, starting from where they are now at 7 AM ET. The lower line is at 5898. The upper line is at 5950. At the NY close, those lines will be at 5905 and 5948. A breakout either way should trigger a move. But probably not one that would be sustained. There’s a 5 day cycle projection of 5975, only 15 points above yesterday’s high.

Meanwhile all trading between the lines is just noise. Effective Trading Strategies: Buys and Sells This Week

Bitcoin

BTC has gone into extreme blowoff mode. Therefore I’m hesitant to give much weight to intermediate cycle projections which now point to at least 105-110 K. The measured move target of the base breakout is in the rear view mirror at 94k. Quiet But Ominous Signs of Early Bull Demise

Gold

Gold is accelerating off its test of its 100 day MA, and oscillator buy signals. Short-Term Gold Miner Buys for Gold Bull Market

Euro / US Dollar

The EUR/USD has broken down. It has reached a short term cycle projection of 1.04 but it has broken a huge top pattern with a conventional measured move projection of $0.96. Short-Term Gold Miner Buys for Gold Bull Market

Treasuries

In the Treasury market, the 10 year yield has edged below a key short term uptrend channel and is threatening to break a second one. If it drops below 4.337, that would suggest lower yields and higher bond prices in the short run. If 4.337 holds, it would call for maintaining bearish outlook. Ponzi Much? Understanding Treasury Debt and Market Fragility