Whatever the Load said on Wednesday, the market changed its mind about it on Thursday.
But while it looked like a breakout, it really wasn’t. Yet.
As you can see on the ES 24 hour S&P futures, we have a megaphone pattern developing. Yes they made a new high, but they didn’t break the slightly rising resistance trendline. To do that would require an hourly close above 4945 at the close of New York trading today.
And bears, don’t even think about it unless the ES is below 4915 at the close. Swing Trade Screen Picks – Clearing Out the Shorts
Meanwhile, look at the 10 year Treasury yield. Some big bullish bets have been placed in the past couple of days. We’re set up for something big here. The market will tell us over the next couple or 3 days. Fed Balance Sheet Right Now Says Bears Should Get Ready to Rumble
LEE ADLERA possible 13-week cycle upturn here could finally get gold out of the doldrums but it would need to clear xxxx for the impetus to get back to xxxx. But in the bigger picture, there are some bad signs. Non-subscribers click here for access.
Subscribers, click here to download the report.
Meanwhile, I’m keeping two mining charts on the pick list. Non-subscribers click here for access.
For moron the markets, see:
- In the Goldrums February 2, 2024
- Swing Trade Screen Picks – Clearing Out the Shorts January 30, 2024
- The Danger Is that the Rally is Narrowly Based January 29, 2024
- Fed Balance Sheet Right Now Says Bears Should Get Ready to Rumble January 28, 2024
- Primary Dealers Are Maxed Out Again January 24, 2024
- US Economy Crashed in December – Nope, See Update January 3, 2024
- This Chart Tells Us Exactly When the Bull Market Will End November 26, 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.
