Good morning!
My air conditioning is being installed today. It’s the last project in my renovation. After this, cleanup, touchup, and I can finally just live in my home. That means no more excuses for late reports! 😁
As for today’s market, looks like we have another rock ’em sock ’em thrill ride today!
OK. Not. But the 5 day cycle is on the sell side, so who knows! To really get anything at all going on the downside, first they need to break 4040, and then 4030. Otherwise, no dice for the bears.
In fact, Friday’s breakout from that nice base pattern has an implied price target of 4135. To negate that, we’d need to see a sharp pullback today, with a close below 4028.
With renewed evidence of a 4 day cycle, bears have 2 days to get it done. Or else. Mixed Bag of Signals Screaming, “Walk This Way” March 5, 2023
Meanwhile the 10 year yield has collapsed, breaking the 200 hour moving average. It looks like a top pattern, but they would need to drop below 3.88 to confirm that.
Why? How about $51 billion in T-bills to be paid down on Thursday. However, hourly oscillators say, Not so fast! Looks like bottom formation starting here. February Withholding Taxes Say – Fade the Jobs Report! March 2, 2023
Finally, gold. It needs to hold above 1856 to complete a nice base pattern with a price implication of 1896. Otherwise, back in the crapper we go. Gold’s Rebound Is Coming! February 28, 2023
For moron the markets, see:
- Mixed Bag of Signals Screaming, “Walk This Way” March 5, 2023
- February Withholding Taxes Say – Fade the Jobs Report! March 2, 2023
- Gold’s Rebound Is Coming! February 28, 2023
- Swing Trade Screen Picks – Can’t Touch This 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
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
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