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Market Forms a Giant Hook 12/31/20

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Who is it grappling for? 

Cycle lows are due on 3 and 5 day cycles. True Strength Index oscillator is bottomy. Others are in neutral turf. If ES pullback holds at or above 3714, PM upmove should be explosive as the hedge fund junior traders are forced to cover shorts. 

Conversely, a break of 3714 would target 3703.

The 5 day cycle projection is 3710. 2-3 day cycle projection 3713. 

Happy New Year! 

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CONTAINER RATES FROM ASIA TO US RISE The US tsunami of government spending and FED printing to cover that spending has led to a boom in imports from asia. Hence freight rates rise. Doll

Not counting the peak, or the second touch that formed the trendline, there have been 8 more half hourly bars that have touched the line. Weird. The 2-3 day cycle projection of 3714 was hit, and the indicators are on the cusp here. A trend break could set off a stampede. 

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Tell me about it. It's becoming a real problem. For me, it has meant 13% inflation.  Between that and the fact that a US passport won't allow you to go anywhere, it's a little tough being an American overseas. 

The sad part is that it's all policy driven. This could have been avoided, or at least mitigated. 

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CONTAINER RATES FROM ASIA TO US RISE

The US tsunami of government spending and FED printing to cover that spending has led to a boom in imports from asia.

Hence freight rates rise.

Dollar is dumped by Asian exporters leading to dollar fall.

Rince wash repeat.

This does nothing for the US economy.

But its great for asian economies.

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