The Treasury is injecting more cash into the market. It announced today that it will do a second round of T-bill paydowns next week, adding another $41 billion in T-bill paydowns, to be settled on February 25. This is on top of the just announced $55 billion T-bill paydowns settling on February 23.
5 day cycle projection 3932.
Bears had a shot there. Couldn’t take it home. But they are still in the game if bulls can’t take it past 3928.
To post your observations, and snide, but good-natu…
And I’ve spewed a whole lot of words over the past 3 weeks. Scary words. Words including warnings that one of the titans of the…
Equal height trend channels have been really helpful to us through the years in identifying support, resistance, and price targets on the intraday movements of the S&P 500 and, more recently, the ES futures.
Got youses attention, did I?
Does seem like we are IN THE BEGINNING of the unfolding of the catastrophic scenario that I have been forecasting to begin once the 10 year vaulted past 1%.
But for today, the 5 day cycle projection is only 3912…
This is big.
In a panic over the surge in the 10 year Treasury yield and the attendant fall in Treasury note and bond prices, the US Treasury announced today that it would pay down $55 billion in outstanding T-bills.
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.
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