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S&P Futures

There’s a triangle pattern breakout on the ES 24 hour S&P futures this morning. Triangle breakouts are usually explosive, but may or may not see follow through after the initial bang. One indication that suggests this one might is that this looks like a new 5 day cycle up phase, with an initial projection of 5975. That is just above the top of the megaphone pattern that we noted over the past couple of days. If they get there, and it sticks, that would be a springboard.

Obviously lots of ifs there. Those are just the parameters to watch. First things first, they must clear the downtrend line at 5925 at 7 AM ET. Once that’s done, they’re good to go. Effective Trading Strategies: Buys and Sells This Week

Bitcoin

BTC is surging again. It has cleared its conventional measured move target of 94,000 and now is on its way to an intermediate cycle projection of 101k. Primary Dealer Crisis Now, Crisis Later

Gold

Gold is rebounding powerfully coming off its 100 day MA, with intermediate cycle indicators triggering buy signals from a downside extension. Short-Term Gold Miner Buys for Gold Bull Market

EUR/USD

The EUR/USD is making another probe toward the big low at 104.50. Intermediate cycle projections point to a low of 104.80 and intermediate term cycle indicators are buried. Odds favor a reaction bounce. If it fizzles, thence comes the breakdown, which should coincide with a bullish move in gold. Short-Term Gold Miner Buys for Gold Bull Market

Treasuries

Finally, the 10 year Treasury yield keeps trying to break that trendline. If it doesn’t happen now, look for up up and away in yields, and another collapse in price. That should be a deathblow for the great unhedged longs. Should be good for some contagion too. With massive supply on the way, I would not bet against that. Ponzi Much? Understanding Treasury Debt and Market Fragility