Anything above 2.96 on the 10 year should trigger a breakout to the next upleg in yields. Ugly and dangerous.
Meanwhile, the current pattern on the hourly ES 24 hour S&P continuous fuguetures remains bullish. The key numbers in the hour coming up to 6 AM in New York are 4126 and 4144. If they clear those resistance areas, it should be off to the races again. If they don’t clear it, then we’re back in triangulation mode. The area of ambiguity would be between that resistance zone and uptrending sport dating from the May 20 low. That will be around 4110 around the time NY opens.
Hourly indicator patterns are neutral and inconclusive. They don’t know either, but given that they are near neutral, any move that starts from this area is likely to be a decent sized run.
For the big picture:
- NEW Quantitative Tightening is Here, and the Effect Will Be Devastating June 1, 2022
- A Great Week for Swing Trade Screen Picks May 31, 2022
- Shot from Guns, This Market Looks Like Puffed Rice May 30, 2022
- We Hold Our Gold Miners, Add Another May 24, 2022
- Even Steven in This Week’s Swing Trade Screens May 23, 2022
- Stocks Are Ahead of the Curve May 23, 2022
- Dealer Positions Show It’s Not Getting Better and It Should Get Worse May 15, 2022
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