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S&P Futures Crush Support Overnight - Here's What's Coming Next 8/19/21

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The ES futures (S&P500) broke support at 2 AM NY time. As of 6 AM they in the midst of at least a back kiss of the breakdown level of 4373. How things evolve from here over the next few hours will tell us whether a short term low is in place. 

The selloff exceeded last night's 5 day cycle projection of 4385, and hit this morning's projection of 4355. So the likelihood is that at least a 5 day cycle low is forming, subject to a possible test probably after the NY open. Resistance is indicated around 4376, where they're trading as I write, and 4385-86. Spport is indicated around 4352.

Stay tuned for updates! 

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This action is just Option Expiry week like one in June and July. 

It's not the time to get short after Friday close.

Retest of High will come around 3rd September even if support gives way. It's just a teste of what's coming soon. 

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1 hour ago, PullMyFinger said:

One by one, the Horsemen of the Nascrapolyse are starting to turn green. Conquest. War. Famine. Death. Eavesdropping. Spying. Intrusion. 

Screen Shot 2021-08-19 at 9.08.30 AM.png

All Bullish and going to plan.........

or as Pink said "to the Man"........

Big man, pig man
Ha ha, charade you are

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I'm liking the action on the EUR/USD. My cost of living in Europe has been going down for a few months, after squeezing pretty good a couple times in the past year.

Actually things are so cheap in Eastern Europe I didn't notice it much. I'm embarrassed to tell you how much I'll be paying for a penthouse apartment here in Warsaw, in one of the best downtown locations you'll find in any major capital city. Comparing the cost to something similar in Philly, it's about 70% less. 

The bottom of the range of the past year is 1.163. If EUR drops below that, we're looking at a much weaker EUR and stronger dollah. 

If the Fed tapers, which I think they're asinine enough to attempt it, not only will bond yields soar, but it might even be deflationary if one of the results is also a soaring dollar. 

I don't know. Just speculating. Inflation is an effect of money supply. We're just gonna have to see how much that slows when the Fed pulls the trigger. I'm really only interested in the first order effects of monetary policy, which are stock and bond prices. Everything else is tangential.   

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53 minutes ago, PullMyFinger said:

Are you saying that Dow & S&P should peak early September, but NASDAQ has already peaked in August? 

Yes

Not sure new high is coming, Double top or little higher high. NDX looks like peaked. 

All indexes Makes top at different time, Dow Can still go to 36K before it's all over.

waiting for Scam week to finish then see what the Bounce look like. June, July and August Scam week has gone bear ways. Once support break then all index's should go up. 

One need to watch Summation Index if Bearmarket has started. 

19-08-2021.png

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4 minutes ago, jp6 said:

Yes

Not sure new high is coming, Double top or little higher high. NDX looks like peaked. 

All indexes Makes top at different time, Dow Can still go to 36K before it's all over.

waiting for Scam week to finish then see what the Bounce look like. June, July and August Scam week has gone bear ways. Once support break then all index's should go up. 

One need to watch Summation Index if Bearmarket has started. 

19-08-2021.png

Thanks so much for your response. Much appreciated. 

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