The ES, S&P 500 24 hour futures topped out last night at the downtrend line that started from the August 1 high. It came almost to the minute that a 5 day cycle high was ideally due. Most like spport levels for the next bounce 4487 around 7 AM ET and 4475 around 1 PM. If they break, I’d look for 4455 around the end of regular NY trading hours.
If spport holds, then we go up to test the downtrend line which falls from 4510 to 4497 over the course of the day. All We Need is a Few Good Shorts
Meanwhile, things aren’t going well over in Bondland. I first drew this chart two years ago, and it has played out as expected. But don’t worry, it will get worse when support breaks. More Supply is Just a Lie But Withholding Weakens
For moron the markets, see:
- Gold Sets Up August 8, 2023
- All We Need is a Few Good Shorts August 7, 2023
- Under the Big Top August 7, 2023
- More Supply is Just a Lie But Withholding Weakens August 4, 2023
- Let the Scary Pictures On Primary Dealer Financing Do the Talking July 31, 2023
- Correlations Don’t Matter Until They Do, Like Now July 23, 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.
