I’ve had a fantastic week of travel from home in Nice to Paris, to Berlin, to my previous home of Warsaw. I still love Warsaw, despite its foibles and the often shitty weather. It’s a great city. I like it much better than I liked Berlin.
But that’s not fair. I didn’t like Berlin all that much. On my list of favorite European cities, it ranks near the bottom. It’s interesting, definitely worth a visit, but I always size up cities with the view of, “Would I want to live there?” In the case of Berlin, the answer is no.
What to say about the market? My goodness, we’ve been going nowhere. But at least we’re doing it with alacrity.
The ES 24 hour S&P futures have been in a range for so long, I feel right at home with it.
It keeps making triangle patterns, breaking out, and then failing to extend the breakout. It’s as if they want you to think that the charts don’t “work” any more.
At the moment, around 7 AM NY time, they’re at a key resistance trend point around 4142-43. Bwaha. They can count. If they get through that, then 4148 is the next key resistance. Clearing that might get something going. Having been well trained to expect failure to launch, might this be the time they smack the bears? I don’t know. Prove it.
If they don’t break out, I’d look for the market to end the day at the great Dick Trickle Memorial Point of 4139 at 7 PM ET.
The DTMP will be at 4131 on Thursday.
Bottom line, the market is untradeable. Take some vacation days.
Meanwhile, the bond market has found perfect equilibrium at 3.50 on the 10 year. More on that and the impact on stocks coming up in a Liquidity Trader update to be posted later this morning.
Finally, here’s a weekly chart of gold. Is it settling in for a long consolidation, or will it just break out and leave everybody in its dust?
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For moron the markets, see:
- The Twilight Zone May 15, 2023
- Swing Trade Chart Picks – Buy Side Wins This Week May 8, 2023
- There’s One Key this Week to the Stock Market Outlook May 7, 2023
- Gold Is on the Brink May 5, 2023
- Weak Real Time Withholding Taxes Set Up a Showdown May 4, 2023
- The Big One is Coming May 3, 2023
- Gold’s Lost Luster Will Shine Again April 25, 2023
- Enjoy the Market Mirage Now Because We’re Really In a Desert April 24, 2023
- The Fed’s Circle Jerk, is ‘Twerking? April 18, 2023
If you’re serious about the underlying forces of supply and demand that drive the markets, join me!
