They broke yesterday's uptrend channel late in the day. Oh, wait a minute. That's all it took to recover from what had been a big break. Now at 6 AM in New York, the ES 24 hour S&P hourly futures chart shows the index trundling upward along the center of that uptrend channel. It's above yesterday's high.
If you shorted yesterday's break, you were screwed. In this money, bulls make money, pigs make money, and bears get slaughtered. That's not how the old saying originally read. But that was then. This is now.
At the moment, there's a 2-3 day cycle projection of 5245. There's no 5 day cycle projection yet, but we've often seen a 4 day iteration of that cycle. That projects to 5265. But to get there, first they'd face formidable resistance around 5245-48. Breaking that would result in a conventional measured move target of 5295.
Spport lines are now around 5225, rising to 5235 at the NY close. They'd have to be broken to break the back of the trend. Nowhere to Go but Up
For moron the markets, see:
Banking Data Says This Is Last Hurrah for Stocks April 3, 2024
Gold Goes Space Needle April 1, 2024
Swing Trade Screen Picks – Extended Uptrend Yields Just One New Pick March 31, 2024
Nowhere to Go but Up March 31, 2024
The End Is Not Nigh March 26, 2024
Don’t Stop Never Disbelieving March 24, 2024
Markets Create Money, Money Talks, Markets Listen Etc. March 12, 2024
Tax Collections Took Off in a Stunning Reversal in February March 3, 2024
We Don’t Need No Stinkin’ Fed – We Make Money from Nothing February 26, 2024
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Banking Data Says This Is Last Hurrah for Stocks
LEE ADLER 1 - LIQUIDITY TRADER- MONEY TRENDS APRIL 3, 2024
The Fed’s weekly real time balance sheet data and its slightly lagged data on the condition of the US banking system have flashed warning signs that the rally is on its last legs. xxxxxxx, Treasury bill paydowns have begun on schedule, and they will xxxx cash xxxx the markets for the next 6 weeks. Non-subscribers, click here for access.
Subscribers, click here to download the report.
This will lead to xxxx xxxx xxxx for stocks, and should also xxxx the bond market. A big xxxxxxx in bonds hangs in the balance. Stocks should be xxxxxx off and on through April and part of May before the xxxx xxxx xxxx xxxx vomitorium. Non-subscribers, click here for access.
KNOW WHAT’S HAPPENING NOW, before the Street does, read Lee Adler’s Liquidity Trader risk free for 90 days! Act on real-time reality!
That's right, storps fans. Stocks can go up AND down, as the last two days have shown. However, with the market now being flooded with cash from T-bill paydowns every couple of days, don't expect much more downside for the time being. It was fun while it lasted, and a sign of things to come, but probably not today. Swing Trade Screen Picks – Extended Uptrend Yields Just One New Pick
On the hourly chart of the ES, 24 hour S&P futures, a 5 day cycle low is in. The 2 day downtrend is broken. Spport lines held. And another buy signal will be triggered on an hourly close above 5207. If they're successful at that, this could go up faster than it went down. If they don't manage to punch through that area, then we waffle for a few hours and try again this afternoon. By 2 PM the trigger level for a buy signal would be around 5200.
For moron the markets, see:
Gold Goes Space Needle April 1, 2024
Swing Trade Screen Picks – Extended Uptrend Yields Just One New Pick March 31, 2024
Nowhere to Go but Up March 31, 2024
The End Is Not Nigh March 26, 2024
Don’t Stop Never Disbelieving March 24, 2024
Markets Create Money, Money Talks, Markets Listen Etc. March 12, 2024
Tax Collections Took Off in a Stunning Reversal in February March 3, 2024
We Don’t Need No Stinkin’ Fed – We Make Money from Nothing February 26, 2024
If you are a new visitor to the Stool, please register and join in! To post your observations and charts, and snide, but good-natured, comments, click here to register. Be sure to respond to the confirmation email which is sent instantly. If not in your inbox, check your spam folder.
It's raining money, hallelujah!
Date
Security Type
Total Offering
Total Publicly
Held Maturing
Net New Cash or
(Pay Down)
04/09/2024
Bills
$205,000
$240,975
$(35,975)
04/04/2024
Bills
$205,000
$219,006
$(14,006)
04/02/2024
Bills
$215,000
$240,961
$(25,961)
$85 billion in a week. That'll start your engines. Gold Goes Space Needle