OK. I keed. I keed. I don’t know, but the hourly looks like one of those giant cranes that is about ready to fall over and destroy a bunch of stuff on the way down.
Look at the hourly oscillators. There’s a helluva negative divergence on tw…
There’s so much confusion out there about how money gets from the Fed into the stock and bond markets. I see the comments in my Twitter feed. People are clueless. Like how M1 is causal. Or how the Fed pumps money into the banking system and that doubles back somehow to speculative bubbles.
Air pockets have appeared in the intraday charts. Is this the top, or a top. That higher right shoulder makes me suspicious. I can’t remember the last time that pattern has broken down let alone into a sustained decline.
Support is suggested at 3…
Need I say more?
You know what it means.
Here’s the expanded 2 hour bar chart. Allow yourself to see the big picture.
Click to engorge.
Zooming in to one hour bars, the uptrend is slowing, but it is still an uptrend.
…
Rule Number One of Modern Technical Analysis.
All chart patterns are bullish. It doesn’t matter what it is. If it’s a double top- Bullish. Head and shoulders – Bullish. Flag, wedge, diamond, saucer, cup and handle, reverse cup and handle, three p…
You can see it clearly. The ES fucutures are near the upper bound of a trend going back to the beginning of January. A bunch of trendlines are clustered around 3920-25.
The uptrend channels are being tested, but so far, not violated. The number to watch in the 5 AM hour in New Yawk is around 3890. It’s rising at about 1 point per hour. To keep the trend intact it would need to be at 3895 or better at 10 AM ET.
OK, so maybe it won’t get there today. Or maybe it will.
After all, this is done.
Looking at a 30 minute bar chart, the 2-3 day cycle projection now looks 3910 on the S&P fucutures. That looks eminently doable once they clear resi…
Here’s a 2 hour bar chart again. If the oscillators turn up from this level, we could see another yooge upleg. The level to watch is 3835.
I give you a 2 hour bar chart for perspective. This is unquestionably, absitively, posolutely, the top of this move. I mean. You can tell. Right?