The bulls tried again to punch it through the long term trendline from the January 2022 market high, and failed. That does not mean that they are done trying. Today is day 4 of the usual 5 day trading cycle. If they continue to slop around near the trendline, then this is a consolidation, and they’ll punch it through on the next cycle.
For now, they’ve already hit a 3 day cycle low projection of 3982 on hourly chart of the ES 24 hour S&P futures. . But there’s still a one day cycle projection of 3970. If they do get that low this morning, it would diminish, but not eliminate, the likelihood of punching the major downtrend line on the next 5 day cycle up phase. But no doubt, they’ll try. For bears to have a shot at regaining control, we’d need to see numbers below 3965.
If they stay above that, the word of the day is Consolidate. Consolidate. Dance to the music.
Meanwhile, the 10 year Treasury yield is on the verge of a VIS. What is a VIS, you ask? Well, after I posted that, I went to get a cup of coffee. When I came back, I said WTF is that!
Ah… right! Now I dismember. Signal. Very Important Signal. Moron that here.
For moron the markets, see:
- Swing Trade Screen Picks – Energetic Buys and Shorts January 23, 2023
- Nothing is BrokenJanuary 23, 2023
- Gold Going Higher January 18, 2023
- Swing Trade Screen Picks – Whoa! Just Wait Till Next Week! January 17, 2023
- Long Live the Bear. The Bear is Dead January 17, 2023
- A Funny Thing Happened on the Way to the Debt Ceiling January 16, 2023
- Withholding Taxes Are Soaring January 6, 2023
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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