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As the holiday week unfolds, we wish you gifts of peace, goodwill, and perhaps another year where AI doesn’t claim all resources and leave humanity in the dust. Amen to that.
Now, onto the charts. In today’s hourly ES action—tracking the 24-hour S&P 500 futures—we’re watching a triangle forming between 5930 and 5950. This convergence is leading directly to the “Dick Trickle Memorial Point” around 5945 at 1 PM ET. A breakout from this pattern could drive a sharp move, though a slow trickle out is just as likely if conviction remains low.
Here’s what to watch:
- Upside Breakout: If the triangle breaks topside, expect resistance around 5975-80. Clearing this zone could push the next resistance level to 6025.
- Downside Breakdown: Should the triangle break down, 5923 will be the key support. A failure at this level opens the door for a potential drop to last week’s lows.
Markets can be unpredictable, but this pattern offers clear markers to guide your strategy.
Meanwhile, in bond land, If the 10 year Treasury yield clears 4.60, the next likely stopping point would be around 4.72. Then after that 5%. Won’t that be fun! Macro Liquidity Report: Key Market Trends & Insights for 2025
Enjoy the holidays, and may your trades (and eggnog) bring joy!
Some new reports out this morning.
- Chart Picks Say Merry Christmas December 23, 2024
- S&P 500 Nearing Critical Levels – Is the Bull Market Dead? December 22, 2024
For moron the markets see:
- Gold Market Insights: Key Trends and Projections for This Week and Longer Term December 18, 2024
- Macro Liquidity Report: Key Market Trends & Insights for 2025 December 17, 2024
- Stock Market Outlook: Extreme Valuations, Liquidity Growth, and the Road to the Next Bear Market December 8, 2024
- Ponzi Much? Understanding Treasury Debt and Market Fragility November 20, 2024
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Note: This content is for informational purposes only. Please consult with a financial advisor before making investment decisions.
