Another double bottom off the bottom of an uptrend channel now threatens to break the new, and rare, downtrend channel, as of 8 AM in New York. You can see it on the hourly ES, S&P 500 24 hour futures chart. Not only that, but the 3-5 day cycle oscillators have also turned up.
Buy with both fists I guess.
Unless they somehow miraculously hold here at 4285.
Meanwhile, keep an eye on this correlation. 2 hour bitcoin bars with ES overlay has a widening divergence. But it’s also at an inflection point.
To understand and profit from the big picture check out the following.
- Swing Trade Screens – Buys Overwhelm Sells, It’s Late But One Sector Looks Ready to Roll August 15, 2022
- Yikes! August 15, 2022
- Mildly Bullish Outlook for Gold Holds August 13, 2022
- “As Good as It Gets” Was Good While It Lasted August 6, 2022
- Treasury Confirms Supply Tsunami We Expected – Will Obliterate Everything August 3, 2022
- Withholding Tax Collections Solid in July, But Here’s Why the Party is Over August 2, 2022
- The Bond Rally That Fooled The Majority And Didn’t Help Dealers July 27, 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
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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