The ES, 24 hour S&P futures have broken out again here in the pre market. They’re about 7 points above the peak set two days ago. OK, breakout is too strong a word, but the higher high confirms the uptrend and the validity of the conventional measured move price target. That target is 4035 +/- based on Thursday’s breakout from a nice 5 day base. A 2-3 day cycle projection points to 4025.
First they need to clear indicated resistance around 3975-80, and then around 4005 later this morning. The hourly cycle indicators look bullish, so the odds are good that the first level will be broken and the second reached today.
In case of a miracle rollover, nothing meaningful would happen unless they broke 3940. Massive Fed Monetary Injection Changed the Technical Picture March 20, 2023
The Fed’s pattern has been to set the Fed Funds rate by catching up with the 13 week bill rate at each FOMC circus. The 13 week bill has gyrated wildly over the past week. It was actually below Fed funds on Friday, but it’s now 21 bp above it. If it stays there, the Fed would have to go up a quarter to stay even. If they don’t then they are really, really sceert. How to Play When Fed Changes the Game, Not Just the Rules March 19, 2023
Talk about gyrating wildly, the 10 year Treasury yield has popped back up a little after getting slaughtered in a massive buying panic last week. It has reached a trend inflection point at 3.54. What it does here should give us a signal as to how the market will proceed from here. How to Play When Fed Changes the Game, Not Just the Rules March 19, 2023
Conversely, gold has made an ugly top pattern on its hourly chart. An hourly close below 1966 would have a conventional measured move implication of around 1930-35. Not good years. But if they don’t break down, and subsequently clear 1989, the outlook would brighten. Gold Works On High Base March 14, 2023
Safehaven Coin has a conventional measured move target of around 34,000 on the daily chart. Meh. 28,500-29,000 is heavy resistance, so we’ll see.
For moron the markets, see:
- Massive Fed Monetary Injection Changed the Technical Picture March 20, 2023
- How to Play When Fed Changes the Game, Not Just the Rules March 19, 2023
- Gold Works On High Base March 14, 2023
- Swing Trade Screen Picks – Who Wants to Go Short Here! March 13, 2023
- Bailout or Not, Stock Traders Are Should Give the Fed, Treasury, and FDIC the Finger March 13, 2023
- Systemic Meltdown Under Way As Dead Bodies Finally Start Surfacing March 12, 2023
- February Withholding Taxes Say – Fade the Jobs Report! March 2, 2023
- Here’s Why There Will Never Be Bull Markets Until This One Thing Happens February 26, 2023
- You Can Now Follow the Diabolical Usual Suspects February 16, 2023
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