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.
While I think that yesterday was a warning shot across the bow, I’m voting twice in favor of it being yet another BTFD moment. I’ll take a deeper look at the big picture in this weekend’s Technical Trader, which you can try risk free for 90 days if you are not now nor have ever been a member of our party.
Meanwhile, here’s the view for today.
August, September… What’s the difference. At least we got the 5 day cycle projection and then some. Now waiting for the next.