Today’s Market Outlook: S&P, Bitcoin, Euro, Gold, and Treasuries

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S&P Futures Outlook

The hourly ES, 24 hour S&P futures, is trending toward the latest 5 day cycle projection of 6020. 6020 is also a conventional measured move target of the base breakout. Market Cycle Outlook: December Predictions Levels and Timing

At 6 AM, the index is bumping along the upper channel trendline extending from the November 15 low. That line will be at 6005 at the New York open and 6012 at the close. In addition 6008 is the previous high and likely resistance. If cleared, the target of 6020 should take about 5 minutes to be reached.

To break the uptrend, the ES would need to be below 5980 by the end of the day. But there wouldn’t be much downside potential. There’s a bigger trend channel line coming up around 5920 today that would need to be broken. Weekly Stock Trading Signals: 7 Buys and 9 Sells

Bitcoin Outlook Today

On the planet Crypton, the escape from gravity continues pointing toward a longer term cycle projection of 100k for BTC, but an intermediate projection of 121k. I wouldn’t bet against the latter. The short term uptrend channel has been broken, but a pullback to 90,000 wouldn’t damage the bigger uptrend. It would be a setup for another stab higher. Weekly Stock Trading Signals: 7 Buys and 9 Sells

Gold Outlook Today

Gold’s rebound has paused near the center of several uptrend channels. Nothing unusual in that and cycle oscillators remain on the buy side. Short-Term Gold Miner Buys for Gold Bull Market

Euro Outlook Today

The euro is attempting to stop its crash around major support, after briefly breaking it and hitting an intermediate term cycle projection. Oscillators are buried at their lowest level since July 2022, which was 2 months before the big sub parity low. Breaking this low would result in a conventional measured move target around 97. Short-Term Gold Miner Buys for Gold Bull Market

Treasury Market Outlook Today

The 10 year yield has smashed its uptrend, finally, but if it holds at 4.25 or above, the bigger uptrend would remain intact. Ponzi Much? Understanding Treasury Debt and Market Fragility

Meanwhile, there’s a TON of supply on the way.

That will be sufficient to effectively wipe out the Fed’s deferred QE strategic cash reserve RRP facility slush fund. After it’s gone, is where it gets interesting. Primary Dealer Crisis Now, Crisis Later