Only hitting the low 90s here every day. But that’s 10 degrees F above normal.
As for the market it’s not too bad, and not too good either. Here’s the 2 hour bar perspective on the ES 24 hour S&P futures. Rangebound shit for the past two weeks. Has an upside very short term cycle projection of 3950. But there’s some serious resistance at 3905 that it would need to clear first. I have my doubts.
Here’s the usual hourly bar look. They’d need to break 3835 to get anything going on the downside.
Meanwhile, while the Fed is playing games about whether it will go 75 or 100 next week, the real interest rate market is already up 95 bp. The Fed just can’t keep up. The fact that it’s big fat you-know-what is dragging on the ground is holding it back.
To better understand the big picture right now so that you can take the correct action when the time is right, check out the following:
- Catch a Falling Knife July 19, 2022
- Survive the Meat Grinder and Market Will Gladly Pay Us Back on Tuesday July 18, 2022
- Major Swing Cycles Align for an Up Phase July 18, 2022
- As Good As it Gets, Before the End of Time July 18, 2022
- Are the Fed and Treasury Geniuses, or Just Lucky? Part One July 12, 2022
- Recession? What Recession? July 5, 2022
- Stocks Are Even More “Dover Sole” Versus Liquidity June 28, 2022
- We Knew QT Would Be Devastating, But You Ain’t Seen Nothing Yet June 21, 2022
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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