Today’s Market Outlook: Key Levels for Stocks, Bitcoin, Treasuries, Euro, and Gold

This is a syndicated repost published with the permission of Stool Pigeons Wire at Capitalstool.com. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Today’s Stock Market Outlook

The hourly chart of the ES, 24 hour S&P futures shows the market crawling along the bottom of its short term uptrend channel this morning. It broke the line slightly in the overnight session. It has recovered to the line at 6050 approaching 8 AM ET. That line rises to 6060 at the NY close. The 5 day cycle projection is 6065. Trend resistance also looms at that level at the close. If they hold that line, the uptrend would remain intact at the current pace, and could accelerate, if they clear 6065.

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Analyzing Short and Long-Term Market Trends and Patterns

Lee Adler 2 – Technical Trader December 2, 2024

Cycles

The up phases in cycles from 13 weeks to 10-12 months have strengthened. The only cycle with a projection is the 6 month cycle. It points to a high of xxxx ideally due xxxxxx xxxxxx. A variance of a month or so is normal. Non subscribers click here to access.

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Cycle Screening Measures

These measures continue to xxxxxxxx xxxxxx xxxxx with 6 month cycle measures suggesting xxxxxxxxxx xxxxxxxxxxxxxx. Non subscribers click here to access.

Third Rail

The market is moving toward the apex of a wedge pattern at xxxx this week. The lower trendline of the sharpest short term channel rises from xxxx to xxxx this week. If the market is above xxxx on Friday, it’s still a strong uptrend. Clearing that would suggest acceleration toward a quick move to xxxx. Even if they break the lower line, a short term uptrend would still be in force until there’s a close below xxxx. Non subscribers click here to access.

Long-Term Weekly Chart

The market is rising mid channel with clearance to xxxx at year end. Channel support rises from xxxx to near xxxx.Non subscribers click here to access.

Monthly Chart

The lower channel bound is at xxxx this month. The upper bound is around xxxx. Non subscribers click here to access.

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Today’s Bitcoin Outlook

On 12/2/2024 at 2:34 PM, DrStool said:

Bitcoin keeps hovering just below 100k, and looks poised to explode. The problem is that cycle projections across intermediate and longer cycle time frames only point to around 95-96 k. And the high base breakout only measured to 94k. Those measures don’t support the breakout that everyone expects. 93k and 91 k are important spport lines that BTC bulls don’t want to see crossed.

If BTC drops under 94k, it will mean trouble for the bros.

Today’s Bond Market Outlook

In the bond market, the 10 year Treasury yield is headed for a test of the trend channel at 4.15. That should hold. Warning Signs: Are Primary Dealers Indicating a Market Top?