It’s 4224 on the ES, 24 hour S&P futures. If it holds above that, bulls are in charge. If it breaks, then bears ball. But unfortunately, there are so many crosscurrents in this rangebound monstrosity, that I’d be hard pressed to conclude that any move can be sustained before. In fact any move that takes place between 4189 and 4267 could be viewed as random, rangebound news.
Based on the hourly chart as it is currently set up, I wouldn’t hazard a guess as to which way the breakout will finally be. I do post the big picture outlook in the Technical Trader, and there are some good reasons to guess that when the breakout comes, it will be to the downside.
On the other hand, if they can clear 4267 today, we can put that thesis aside for now.
Over in the bonds, the 10 year yield looks poised to test 5% again. If that’s cleared the next target in terms of longer intermediate term cycle projections would be 5.20. In the long run, that’s not even close to the end. Nor would it be the beginning of the end. But it could be the end of the beginning.
For the few goldbugs still among us, until the metal crosses 2010, nothing has happened yet. But if it does achieve that distinction then the projection is for a test of the 2087 high.
Perhaps by the year 2087. When the Market Is Ready, an Event Will Appear
For moron the markets, see:
- Beware of Bear Market Crash Potential October 23, 2023
- Swing Trade Screen Picks – Which is Better, Late or Never? October 23, 2023
- When the Market Is Ready, an Event Will Appear October 16, 2023
- Dealers Pull In Their Horns October 14, 2023
- Veal Market – Baby Calves Get Slaughtered October 9, 2023
- Gold Breaks Down, With Long Term Implications October 5, 2023
- Tepid Tax Collections Mean It’s the Supply October 4, 2023
- The Rhymes of History September 24, 2023
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