But is it a road to nowhere. The ES 24 hour S&P futures hourly chart has formed a triangle since yesterday. It’s the epitome of indecision, but when the break out, the move is usually explosive, if not always long lived. Hourly cycle oscillators are pointing down from a pattern that’s normally a sign of impending doom.
If they take out 5765, the next step down is just 5750, then below that 5740 and 5730. The question is, if this breaks, do they step down in order or do they slice through like a knife through butter? On the other hand, if they clear 5797, this high base pattern that they’re coming out of has a conventional measured move target of 5860.
The TA minimally favors the downside here, but what do I know, I’m on a bus in the middle of the Croatian hinterland. Swing Trade Screen Picks – Lots of Sell Signals Again
Meanwhile, the catastrophic move in the 10 year Treasury yield is poised to get worse. So much for that Fed rate cut, huh? We’re Now Week to Week for this Bull
Coupon supply is light at the mid month auction but look at that flood of T-bills! Remember, T-bills are instantly convertible into cash. Get Your Red Hots Here
For moron the markets see:
- Gold Says, Not So Fast! October 10, 2024
- We’re Now Week to Week for this Bull October 9, 2024
- Swing Trade Screen Picks – Lots of Sell Signals Again October 8, 2024
- Moderating Bullish Outlook October 7, 2024
- Get Your Red Hots Here October 3, 2024
- Market Can’t Live By Repo Alone September 25, 2024
- Macro Money Blows the Roof Off September 17, 2024
- Primary Dealer Clown Show Danger Pales in Comparison to Hedgie Daredevils September 11, 2024
- Here’s Hard Evidence that the Slowing Economy Narrative is False September 8, 2024
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