It sure looks as though the rest of the world has lost interest in trading the ES, 24 hour S&P 500 fuguetures. WIth good reason! I mean, the pattern is unmistakably bullish with higher highs and higher lows, but who can trust this market? Besides, a 5 day cycle projection of 4165 has already been all but hit.
But then there’s always that other hand. This high base breakout has a conventional measured move objective of 4210. Furthermore if the futures do hit 4165 early enough the 5 day cycle projection should then point higher.
Then again, if they can push it under 4128 this morning bears would have a shot.
Meanwhile, money rates are on the rise again despite the paydowns of T-bills and the massive flight of cash into MMFs. This just should not be happening. In view of the reduced supply of bills, the price should be rising, and the reciprocal of price, the rate, should be falling. I’m wondering if its the seasonal tax effect. First, taxpayers withdraw cash from the system to pay Uncle Sam, then Uncle puts it back via T-bill paydowns. That should push rates down starting later this week.
At the same time, the yield on the 10 year Treasury also looks to be headed higher. We have to wonder if a crisis of confidence in US debt might be brewing as the debt ceiling Doomsday approaches. With the crazies in charge in Congress, the idea of a US debt default isn’t unthinkable.
Safehaven Coin seems to have met its match at multiple resistance lines and a 9 month cycle projection around 32,000. But the base breakout still measures to around 34,000. That’s still possible, if not likely, after a pullback.
Finally, Gold’s chart is a thing of beauty, winding up to first challenge the highs, then break through.
For moron the markets, see:
- Here’s How This Week Will Show Whether Bulls or Bears are in Trouble April 17, 2023
- Here’s What’s Next Now That Gold Has Reached Its Limit April 10, 2023
- Cycle Indicators Tell How to Play This Rally Now April 10, 2023
- Here’s How We Know That Doom Has Already Arrived April 6, 2023
- Macro Liquidity Says No Way Jerray! April 4, 2023
- How to Play When Fed Changes the Game, Not Just the Rules March 19, 2023
- Systemic Meltdown Under Way As Dead Bodies Finally Start Surfacing March 12, 2023
- Here’s Why There Will Never Be Bull Markets Until This One Thing Happens February 26, 2023
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