I wrote that after the clothes yesterday. I was 5:51 PM ET, and 10:51 PM here and I had already donned my feeties-in PJs.
14 hours ago, DrStool said:That was the top. See you tomorrow.
Now, before you get two eggs cited, in this this thread we’re only talking about the next day or so. And lo and behold. As I write I was right. But tomorrow is an udder day. The cows will come home. The bulls are always out standing in their field. Market Broke for Second Wind
For today, here’s how it looks on the hourly ES, 24 hour S&P fuguetures. What a mess. I guess both hearts and channels are made to be broken, especially in this market. Yesterday’s Whipsaw Madness is today’s crash. The 5 day cycle projection is 5750, almost done. But the last low, a key spport line now at 5762 looms. If they take that out, this could get really hairy.
I think maybe there aren’t enough shorts out there to buy a breakdown if it comes.
For what it’s worth, the 4 hour bars give a little perspective on the magnitude of this “top” which may or may not turn out to be just a consolidation. If it’s a top, then the chart pick list gonna get a good ass kickin. Picking a Few Nickels With Steamroller Still Coming But as you can see, in addition to being the 5 day cycle projection, the 5750 area is also a spport line of some significato. Might be an offer the bulls can’t refuse.
Meanwhile, over in the bond market, how much you wanna bet that this crash in the Treasuries is leaving some bad cases of brown pants syndrome amongst bond traders. The 10 year yield cycle oscillators show signs of a short term top in yields here, but so far, there’s been no giveback. That means that prices remain near their lows, pressuring even hedged long positions in the futures carry trade. Considering the angle and speed of this move, it may look smooth but it doesn’t feel smooth coming out of bond portfolios as the market becomes less and less liquid. Liquidity Measures Show Markets Stretched to the Limit October 21, 2024
And gold just keeps on keepin on. Gold Approaches Its Long Term Target
And Cryptonians wait with bated breath for their hero to break out of this base to a measured move target of 90k.
While Americans living in Europe wait for their next opportunity to buy low.
The Fed’s Strategic QE Reserve Slush Fund is hovering just above $200 billion.
It’s not clear that it has leveled out yet, but with all the T-bills issued in since the beginning of October, it is clear that most of that issuance is being funded by A- selling bonds, and B- repo. The RRP slush fund is close to effective zero, and that ain’t bullish. Liquidity Measures Show Markets Stretched to the Limit
For moron the markets see:
- Swing Trade Screen Picks – Picking a Few Nickels With Steamroller Still Coming October 29, 2024
- Market Broke for Second Wind October 27, 2024
- Gold Approaches Its Long Term Target October 26, 2024
- Liquidity Measures Show Markets Stretched to the Limit October 21, 2024
- Get Your Red Hots Here October 3, 2024
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