The market put in a 5 day cycle low yesterday. The ES, 24 hour S&P futures now face resistance at 4525. If they clear it, then yes, Virginia, BTFD lives.
On the other hand, there’s a spport line convergence at 4514. If broken, the market could quickly plunge to the next spport level around 4485. If that broke I’d look for 4440. Or fight.
Jobs day today. The withholding tax data doesn’t bode well. I’ll be posting a report on that within the hour.
For moron the markets, see:
- Gold’s Pain in the Bottom August 2, 2023
- 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
- Correlations Don’t Matter Until They Do, Like Now July 23, 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
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
