Good morning. I made it to the Alsace Lorraine yesterday after a brief stopover in Basel Switzerland to see and pay homage to the Basel III Accords. It was a moving experience even though I was unable to find the exhibit. I went to the Basel Rathaus (pronounced rat house), which is the German word for City Hall, where I expected to find them. But alas, no luck. There are no public restrooms in Switzerland, either. It’s not surprising that these two things are linked, I think.
Basel Rathaus
By the way, in France, the City Hall is l’hôtel de ville. Whenever I pass one of these in France I ask my French friends if they have ever stayed there. But here’s the thing. In France City Hall = l’hôtel de ville. In Germany it is the Rathaus. Interesting, hmmmm???
Having failed to find the Basel III Accords, I returned to the train station for the final leg of my journey from beautiful Heidelberg Germany, to not quite as beautiful, but definitely charming Mulhouse France, where I’ll base for the next few days as I explore the Alsace.
As far as the market is concerned today, obviously nobody cares because it’s still holiday time in Europe, and many Americans are also spending their vacation days now, out at the Ham Tons, Downashore, or up at the lake in the mountains. The lucky few are out on their yachts.
All that notwithstanding, here’s our usual look at the hourly ES 24 hour S&P futures in the pre market.
But first, the 2 hour bars for perspective. You can see that the ES has broken a little head and shoulders top with a conventional measured move target of 4545. However, there’s a cluster of spport lines around 4550. And below that is an even bigger cluster around 4540.
Hard to imagine those being broken, at least not on the first try. But if it happens, whether now or later, it would create a nice little top pattern for more of a downmove. On the other hand, watch 4560 in the morning, and 4555 in the afternoon. If that area is cleared, up we go again. Rally is Tired But Here’s Why Not to Go Short
On the hourly chart, there’s a 5 day cycle projection of 4545, and a 2-3 day cycle projection of 4550-55. Not much downside forecast there.
In the meantime, I am working on a Gold Trader update that will be posted later this morning. Stay tuned for that. Here’s a daily bar chart. Promising or foreboding? The answer coming up.
For moron the markets, see:
- Thanks But No Thanks August 1, 2023
- Let the Scary Pictures On Primary Dealer Financing Do the Talking July 31, 2023
- Rally is Tired But Here’s Why Not to Go Short July 30, 2023
- Gold Marks Time July 26, 2023
- Full Load of Longs, But Adding 2 Shorts July 25, 2023
- Market Looks Poised July 24, 2023
- Correlations Don’t Matter Until They Do, Like Now July 23, 2023
- Swing Picks Following Gold’s Yellow Brick Road July 18, 2023
- Withholding Tax Rebound Sets Up a Bearish Fed Catch 22 July 6, 2023
- It’s Not Your Daddy’s Liquidity Anymore July 5, 2023
- We Now Know What is Driving the Rally June 20, 2023
- The Fed’s Slush Fund is Working June 16, 2023
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