This colorful chart is mostly red, despite the green background. One decent bet would be that it the market has been in a 5 day cycle up phase since Thursday. That would be confirmed if they take out the lows in the early going today. Otherwise, we may as well go to Waffle House.
On second thought, when we look at that nice positive divergence between the hourly cycle oscillators and the new hourly low price bar, the bulls have a shot to make something happen.
And if you don’t think weird things can happen when the Treasury pumps $120 billion into the markets in the space of 4 weeks, think again. The 10 year yield is headed for a 10 day cycle projection of 3.36, where support is also indicated on the hourly chart. That’s crazy considering the risk of default in the next couple of months. But money talks and crazy walks. Always. And right now there’s too much money to sop up and not enough paper to absorb it.
For moron the markets, see:
- Enjoy the Market Mirage Now Because We’re Really In a Desert April 24, 2023
- Why Not Get Too Excited About Bearish Proclamations… Yet April 24, 2023
- Swing Trade Chart Picks – Four More Buys, Four More Buys April 20, 2023
- Is Gold Still Ticking After This Licking? April 19, 2023
- The Fed’s Circle Jerk, is ‘Twerking? April 18, 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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