The stock market decline stopped at roughly a 50% retracement of the erection rally. Now the rebound is stuck at a 5 day downtrend line on the hourly ES, 24 hour S&P futures chart. We wait to see what happens next.
Hourly cycle oscillators are on the buy side, but deep in negative territory. That’s not a glowing endorsement of bullishness. But neither is it a sign to abandon hope, all ye who enter here. The ringfences are at 5890 and 5854. They need to clear the former to get anything going on the upside, and the latter to resume the decline.
Indicators on the EUR/USD say this must be the bottom for sure! 😒 Gold Melts
BTC now has an intermediate term cycle projection of, what else, 100k. Effective Trading Strategies: Buys and Sells This Week
The bond market continues to flirt with disaster resumption despite the 10 year yield showing ongoing signs of a top. Interim cycle target is 4.60, but if they inch above that, then we’re looking at 5.10. That would equate with more price carnage that can hit unhedged and leveraged holders with a knockout blow. Primary Dealer Crisis Now, Crisis Later
Gold rebounded from 100 day MA. Gold Melts
For moron the markets see:
- Effective Trading Strategies: Buys and Sells This Week November 18, 2024
- Quiet But Ominous Signs of Early Bull Demise November 17, 2024
- Gold Melts 11/12/24 November 12, 2024
- Here’s Why Lower Treasury Supply Ahead is Bullish or Super Bullish November 11, 2024
- Don’t Be Misled By October Tax Collections Collapse November 5, 2024
- Primary Dealer Crisis Now, Crisis Later October 31, 2024
- Liquidity Measures Show Markets Stretched to the Limit October 21, 2024
