The Wall Street Bazaar is a chaotic blend of sounds, colors, and unpredictability, much like the behavior of the S&P 500 futures. Recently, the hourly chart of the ES 24-hour S&P futures has been anything but ordinary—showing a wild surge followed by a period of stagnation. As of 6 AM ET, the price hovers near the 22-hour moving average band, representing a key inflection point for traders. If this support holds, we could see a rally toward the 6087-6092 range. However, if the support fails, a potential consolidation or slight decline may follow, with trend support levels at 6065 and 6045.
Meanwhile, the macroeconomic backdrop is influenced by significant Treasury bill paydowns, providing excess liquidity that may flow into stocks and bonds. While the Treasury coupon issue faces some challenges, the bond market remains on the sidelines as stocks benefit from marginal liquidity growth. The S&P 500 cycles are also pointing upward, though a high is imminent, suggesting a possible shift soon.
Stock Cycles Point Upward but High Due Soon with S&P Near Projections – Technical Trader Report
In the bond market, the 10-year yield is rising again, following a textbook pattern of turning off the lower channel line. This upward momentum is supported by positive cycle oscillators, signaling further bullish potential. Gold, on the other hand, presents mixed signals as its trading range persists, while the long-term uptrend remains intact. Extreme Valuations, Liquidity Growth, and the Road to the Next Bear Market
Gold Chart Cycles Show Mixed Signals: Trading Range Continues as Long-Term Uptrend Remains Intact
Stay tuned for more updates in our market analysis, including:
- Gold Chart Cycles Show Mixed Signals: Trading Range Continues as Long-Term Uptrend Remains Intact December 10, 2024
- Stock Cycles Point Upward but High Due Soon with S&P Near Projections – Technical Trader Report December 9, 2024
- Technical Stock Screens Reveal- 2 Buys and 2 Short Sale Picks This Week December 9, 2024
- Stock Market Outlook: Extreme Valuations, Liquidity Growth, and the Road to the Next Bear Market December 8, 2024
- Giant Gain in November Withholding Tax Collections
- December 4, 2024
- Gold’s Trading Cycle Alignment Has Potential December 3, 2024
- Ponzi Much? Understanding Treasury Debt and Market Fragility November 20, 2024
Keep an eye on market trends, as cycles and liquidity will play pivotal roles in shaping the future of stocks, bonds, and commodities.
This post edited from the original by AI for search engine optimization. The analysis and conclusions are the author’s. The text is AI generated.
