That’s what this trading range feels like. Never ending pain for both sides.
The trend on the hourly chart of the ES, 24 hour S&P futures suggests that the bears have the upper hand. But the hourly oscillators show higher lows that make the pattern of the past week look like a base for a move up. However, for that potential to be actualized, the ES would need to break out through 4019.
Can it do that? I have no effing clue. I just know that it must take the first step, which would be to break out through 3993 this morning. Failing that, and Yogi Bear will remain in charge.
Meanwhile, over in the bond market, yields have hit a wall over the past week. There’s a big buyer, or several at 3.95 in the 10 year yield.
Or Janet, or Jay?
Who cares. There’s a buyer or buyers. And until those buyers are finished, yields are not going anywhere.
But remember, $71 billion in new Treasury paper will settle this week, and after that, endless supply until they run out of debt ceiling extreme measures. Then they do a deal. Then more endless supply.
For moron the markets, see:
- Gold’s Rebound Is Coming! February 28, 2023
- Swing Trade Screen Picks – Can’t Touch This February 27, 2023
- Warning! Top Formation In Progress February 27, 2023
- Here’s Why There Will Never Be Bull Markets Until This One Thing Happens February 26, 2023
- Gold’s Temperature Reaches Absolute Zero February 22, 2023
- Bears Challenge Bulls to A Duel – Here’s Who Gets Shot February 21, 2023
- You Can Now Follow the Diabolical Usual Suspects February 16, 2023
- One Gold Indicator Needs to Whipsaw or Will Signal a Secular Top February 14, 2023
- How Bears Could Take Charge This Week February 13, 2023
- US Treasury Throws A Shocker to Reverse the Stock Market Outlook February 9, 2023
- Withholding Taxes Fell Sharply in January February 3, 2023
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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