So far, it’s just a triple bottom, and nobody knows whether it breaks or it holds. But if you look closely, if it holds here, it’s 3 higher lows on the ES. So unless they take out 3309, nothing has happened yet. It’s just a downtrend within an uptrend …
The breakout extended for a bit but now coming back to earth. Is this prep for relaunch, or will the rocket crash back to the pad?
But it faces a lot of overhead from 3419-23. Hourly indicators uptick from high levels, normally a bullish sign that usually leads to trending mode of indefinite duration.
At 5:30 AM in New York, the ES has turned up, broken out, and reached resistance.
Friday’s low on the ES was a fraction higher than Tuesday’s, but as of 5 AM in New York, they hadn’t cleared Fridays high, and there’s been a slight downtick from the test an hour ago. Hourly indicators are still bullish…
Looks like the end result may be worth the snafu yesterday. When the upgrade stalled, tech support first showed up, and then they abandoned us for the rest of the day. Sorry about that! And now, to today’s charts and outlook.
To start your morning, here’s the hourly of the ES along with what to look for today.
At 7:45 AM in New York, the S&P fucutures were heading for a test of last week’s low, with what should be an intervening support level around 3380.
From the NY Fed yesterday, plus what’s coming up.
The BLS provides seasonally adjusted (SA) data to make it impossible to see what actually happened in the first report each month. They do it to give economists and Wall Street mouthpieces something to do. Meanwhile, it’s much easier to see the truth with the actual not seasonally manipulated data (NSA).
Here are a few charts showing August data in the context of actual historical data NSA.
The Fed buys the paper from the Primary Dealers. The Fed pays for the purchases by depositing newly imagined money into the dealers accounts at the Fed. That money is then their cash to use for trading whatever they want. Here’s what happens next.
