Originally posted at Capitalstool.com. Have a little fund. Catch up with my observations on the tape during the day.
Every day the market has one or more inflection points. Here in the early morning, we’re at one, as the ES 24 hour S&P futures test an hourly uptrend line. Hourly cycle oscillators have dropped to just below the neutral line, and are on the cusp of breaking their smoothers. This could go either way, and the setup could lead to a dramatic move either way.
My guess, and it’s strictly a guess, is up. However, if it drops below yesterday’s low of 5960, then it gets interesante. A calamitous drop all the way to 5950 or so, can’t be ruled out. Swing Trade Screen Picks – More Buys and a Few Shorts
The uptrend in the 10 year Treasury yield remains intact. More importantly, this represents the price collapse that is decimating some very big, very important holders of Treasuries. We don’t yet know where the dead bodies are, but they should soon start floating to the surface. Primary Dealer Crisis Now, Crisis Later
The move in BTC is very close to the conventional measured move target and intermediate term cycle projection of 90k. Then what?
Gold Melts Meanwhile the melting of gold has an intermediate cycle projection of 2520 and a conventional measured move target of 2440. That’s approximately where the 200 day MA is vectoring toward at year end.
As our friend Takachi pointed out, this is mostly the mirror of dollar strength. Here’s the EUR/USD. Crash in EUR. Naturally I bought a year’s worth of EUR at higher prices, but I still earn in USD, so I guess it comes out in the wash. (for those unaware, I have lived in Europe for the past 5 years). The Euro has a cycle projection of 105. But a top breakdown here would point to parity.
For moron the markets see:
- Gold Melts 11/12/24 November 12, 2024
- Swing Trade Screen Picks – More Buys and a Few Shorts- Link Corrected November 12, 2024
- Here’s Why Lower Treasury Supply Ahead is Bullish or Super Bullish November 11, 2024
- 3-2-1 Liftoff November 10, 2024
- Don’t Be Misled By October Tax Collections Collapse November 5, 2024
- Old Gold Uptrend Could Get Smoked November 4, 2024
- Primary Dealer Crisis Now, Crisis Later October 31, 2024
- Liquidity Measures Show Markets Stretched to the Limit October 21, 2024
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