The longer intermediate cycles say that the market is heading much higher. Shorter cycles point to more limited upside. But the whole shebang is fragile…
By now, you’ve heard all about the $2.8 trillion budget deficit so far this year.
Old news. With more pandemic spending on hold, the monthly deficits will shrink. Good news, bad news. Here’s why.
The future(s) is broken.
The Fed shoots them.
Serious trend break on this chart.
Back to resistance this morning. That was posted earlier this morning. Now it should say “back through resistance.”
That said, there have been warnings for several weeks.
Excess liquidity kills volatility and causes bids to rise relentlessly. But when you zoom in to hourly or shorter, it’s whippy. Whipsaws and false breakouts galore. They’re brutalizing day traders.
Just one more projection remains to be reached on both gold and the index of gold mining stocks. Meanwhile, 3 of the 4 remaining mining picks hit targets or were stopped out. The list was up 32.7% with an average period of just under 6 weeks.
Just before 8 AM in New York, pullback to bottom of hourly trend channel. 2 of 3 indicators on the sell side and the other is close. 2-3 day cycle projection still 3359.
The path of least resistance is still up. Cycle projections say the S&P will make new highs, and not just by a little.