OK so it isn’t back. But it is up something like 850. On the chart, it’s barely a dead cat bounce. Will this apparent bottom stick. Show me. The first test will be to clear 17,000. Failing that, there’s still a short term cycle projection of 15,000, that hasn’t been hit yet, not to mention the 9 month cycle projection of 13,500 and the long term target of 5000 below zero.
As for the ES, 24 hour S&P 500 fugutures, today looks like another dull day with an upward bias. The 5 day cycle projection has risen to 4035. That suggests a test of the high, but no, no, no-o-o-o-o-o breakout.
I will be posting a precious metals update on Liquidity Trader in about an hour. That’s starting to look reeeeeeeel interesting. I will post the link here when that’s done.
Click the links below for moron the markets.
- Stock Market Is Grinding Through Resistance November 21, 2022
- Fed Policy Will Stay Bearish Until It’s Too Late November 20, 2022
- Golden Surprise November 15, 2022
- The Repeal of Rule Number One, Don’t Fight the Fed November 14, 2022
- Bond Market Rally is Technically Valid but Belies the Facts November 12, 2022
- Bad News for the Markets – Not Just Withholding Boomed in October November 3, 2022
- Surge in Withholding Tax Collections in October Indicates Faster Jobs Growth November 2, 2022
- Bear Market Isn’t the Mirror of a Bull October 31, 2022
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam filter.
